JTL Industries share price: Axis Securities sees 30% upside after 30% rally in YTD
stock market, JTL Industries share price is under sell off pressure. JTL Industries share price today opened with a downside gap and went on to hit intraday low of ₹195 apiece on NSE. But, the stock witnessed buying at lower levels and regained ₹200 levels soon.
This is not the first time, when JTL Industries share price has not moved in sync with key benchmark indices — Nifty 50, Sensex and Bank Nifty. In last one month, Bank Nifty index has surged 7.50 per cent, Nifty 50 index has risen around 7.90 per cent whereas Sensex has shot up over 7.15 per cent. But, JTL Industries share price shed over 8 per cent in this time.
However, Axis Securities believes that JTL Industries shares would soon come out of the base building mode. Also Read: Hindustan Zinc dividend: Vedanta subsidiary declares ₹6 per share dividend The recently published Axis Securities stock pick report might be an attractive feed for bottom fishers as the brokerage has given buy tag to the stock predicting ₹265 per share target in medium to long term. JTL Industries share price today is around ₹205 per share on NSE, this means Axis Securities is expecting near 30 per cent appreciation in this scrip in medium to long term.
On reasons that may fuel JTL Industries share price, the brokerage said, "The Indian structural tubes market has the potential to grow from ~13MT in CY23 to 22MT by CY30, led by the government’s thrust on developing infrastructure, which will result in a shift towards robust demand for structural steel. JTL is planning to expand its capacity from the current 0.586MT to 1MT by FY25 and it will be enhancing its VAP share from the current 31% in FY23 to 50% by FY25. JTL will add an additional 0.2MT capacity each at Mangaon and Raipur
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