India's JTL Industries up on acquiring Nabha Steels & Metals

JTL Industries

09/04/2024 10:29

** Shares of steel tubes and pipes maker JTL Industries
 JTLI.NS  rise as much as 2.2% to 221.25 rupees, last up 1.6%
    ** Co acquires 67% stake in Nabha Steels & Metals for 700
mln rupees ($8.4 mln)
    ** Adds Nabha Steels' revenue almost doubled to 2.25 bln
rupees in FY24 Y/Y
    ** JTLI on track for third straight session of gains
    ** Stock lost ~23% in March qtr, worst quarter since listing
in 2021
    ** About 4.7 mln shares traded, 1.7x the 30-day avg 
    ** Stock down 7.5% YTD, gained ~54% in 2023 



($1 = 83.2107 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))