JTL Industries shares surge 2% after company acquire controlling stake in Nabha Steels and Metals

Shares of JTL Industries were trading marginally higher in early trade on April 9 after the company acquired a controlling stake of 67 percent in Nabha Steels and Metals, situated in Mandi Gobindgarh, Punjab.

As of 12:24 pm, the shares were trading 1.59% higher at ₹220.00 on the National Stock Exchange.

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JTL Industries’ acquisition of a controlling stake in Nabha Steels and Metals grants it ownership of an advanced steel product manufacturing facility. The newly acquired plant has a manufacturing capacity of 200,000 tonnes and focuses on producing steel products such as coils and long steel products like billets, according to a company release.

This acquisition will increase JTL’s total backward integration capacity from 150,000 tonnes of coils (previously concentrated solely from the Raipur plant) to 250,000 tonnes of coils and 100,000 tonnes of long products. With this move, the company’s backward integrated operations now span across Chhattisgarh and Punjab.