The board of directors of JTL Industries Ltd. has approved the proposed share split of the company in the meeting held on Thursday.
As part of the proposal, one share with a face value of Rs 2 will be split into two equity shares with a reduced face value of Rs 1, according to an exchange filing on Thursday.
The share split is subject to the approval from the shareholders that is expected to be received during the extraordinary general meeting scheduled on Oct. 26. Also, the record date for the share split will be informed to the stock exchanges in due course, the filing said.
The division of shares will help in improve the liquidity of the company's shares in the capital market along with making the shares more affordable and accessible to small investors, said the filing. The company's shares will get split within two months from the date of the board's approval.
The pipe and tube manufacturing company has issued a stock split only once previously—in Oct. 2021—when shares were split into Rs 2 from Rs 10.
On Oct. 1, JTL Industries announced a 26% jump in sales volume during the second quarter of the fiscal 2025. It recorded its highest ever quarterly sales volume of 1.3 lakh metric tonnes during the quarter ended September 2024.
The company posted a 31.4% growth in export volume to 5,917 metric tonnes in the first quarter of the financial year 2024–25, as compared to 4,503 MT in the same period last year. This records as the company's highest quarterly export volume till date.
Exports made up 6.9% of the total sales volume in the quarter-ended June 2024.
Shares of JTL Industries closed 0.18% lower at Rs 238.78 apiece, compared to a 2.12 fall in the benchmark NSE Nifty.
The stock has risen 7.22% in the last 12 months and 0.35% year-to-date. The relative strength index was 57.69
Both analysts tracking the company maintain a "buy", according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 24.8%.
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