November 21, 2024

LIC Mutual Fund buys stake in this small-cap stock below ₹100 during Q2FY25

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Stock Market Today: LIC Mutual Fund has bought stake in the small-cap stock JTL Industries priced below ₹100. The share holding data at the end of September 2024 quarter showed LIC Mutual fund stake at 1.54% in JTL Industries

The LIC MF Large Cap Fund was holding 3021704 fully paid up equity shares of JTL Industries as per the shareholding pattern at the end of September 2024 quarter which translated into 1.54% share holding. The share holding pattern at the end of June’2024 quarter did not show any shareholding by LIC MF Large Cap Fund, implying that the fund added share during the July-September 2024 quarter.

JTL Industries share price that had hit 1 year or 52-week highs of ₹138.30 on the BSE during January’2024 however had corrected significantly to 1 year or 52 week lows of ₹83.55 by March’2024.

JTL Industries share price however has recovered significantly to around ₹95 levels now, gaining more than 13% from lows.

With its registered office in Chandigarh, JTL Industries Limited is amongst the fast growing steel tube manufacturer. 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 20 November, has entered into a special purpose Joint Venture Agreement with M/s Singla Constructions Limited to participate jointly in a Railway Tender and further to execute the contract, if the same is awarded to this Joint Venture.

In early November, JTL Industries had secured Bid as L1 Supplier for 36,000 MT GMS (Galvanized Mild Steel) Tubes in Support of Jal Jeevan Mission, Jammu.

The order for the supply of ISI-certified Galvanized Mild Steel (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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