JTL Industries shares hit life-time high on capacity expansion update. Do you own?

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Stock market today: Despite weak trends at Indian stock market, JTL Industries shares witnessed strong demand during early morning deals. JTL Industries share price today opened upside at ₹247.90 per share levels and went on to hit intraday high of ₹252 apiece on NSE, which is now its new life-time high as well. While climbing to a new peak, JTL Industries shares ascended to the tune of 60 per cent in year-to-date (YTD) time.

JTL Industries witnessed strong buying during morning deals after the outbreak of its expansion news. The high-quality galvanized steel tubes and pipes exporter company has informed Indian stock market bourses about mega capacity expansion plan in Maharashtra. The company said in exchange filing that it is planning to set up a mega project in Maharashtra.

Also Read: Vedanta shares jump after announcement of ₹11 per share interim dividend Commenting on the development, the company management said, “We are thrilled to announce our strategic decision to establish a mega capacity expansion project in Maharashtra through our subsidiary, JTL Tubes Limited, with a substantial capex outlay. This state-of-the-art facility will harness cutting-edge technology to enhance efficiency and diversify our product portfolio, underscoring our dedication to propelling the growth and advancement of our business." "To facilitate this mega project's execution, we are set to raise a total of ₹13,100 Mn through various means including Qualified Institutional Placement (QIP). A substantial portion of this capital, ₹5,400 Mn, will be contributed by the promoter and promoter group, with an additional ₹2,700 Mn from the public, non-promoter group.