Stock Market Today: LIC Mutual Fund bought a stake in the small-cap stock JTL Industries during the second quarter of the financial year 2024-24 (Q2FY25). The shareholding data at the end of the September 2024 quarter showed LIC Mutual Fund held a 1.54% stake in JTL Industries, a small-cap stock priced below ₹100.
LIC MF Large Cap Fund held 30,21,704 fully paid-up equity shares of JTL Industries as per the shareholding pattern at the end of the September 2024 quarter, which translated into a 1.54% stake. The shareholding pattern for the June 2024 quarter showed no holdings by LIC MF Large Cap Fund, suggesting that the fund acquired shares during the September 2024 quarter.
JTL Industries share price hit a one-year or 52-week high of ₹138.30 on the BSE in January 2024, however, it corrected significantly to its one-year or 52-week low of ₹83.55 by March 2024.
JTL Industries share price has recovered significantly to around ₹95 levels now, gaining more than 13% from lows.
JTL Industries Limited is amongst the fast-growing steel tube manufacturers. The company has manufacturing facilities in Punjab, Maharashtra, and Chhattisgarh. The cumulative capacity of the company is ~6,86,000 MTPA for pipe manufacturing and 3,00,000 MTPA is backward integration
JTL Industries enters and JV agreement
JTL Industries, as per its release on November 20, entered into a special purpose joint venture (JV) agreement with M/s Singla Constructions Limited to participate in a railway tender and further execute the contract, if the same is awarded to their JV.
In early November, JTL Industries secured a bid as an L-1 supplier for 36,000 MT GMS (Galvanized Mild Steel) tubes in support of Jal Jeevan Mission in Jammu.
The order for the supply of ISI-certified GMS tubes for 95% of the sizes, amounting to 35,473 MT of the total order, is valued at ₹265 crore.
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