2:1 Stock Split of Jindal Saw: Record Date On 9th October; Buy For Short Term Target 800 – 825

For the energy transportation industry, Jindal Saw produces spiral and SAW pipes (submerged arc welded pipes); for industrial uses, it produces carbon, alloy, and seamless pipes and tubes; and for the transportation of water and wastewater, it produces ductile iron (DI) pipes and fittings. With production sites in India, the United States, Europe, and the United Arab Emirates (MENA), it is a prominent global manufacturer and supplier of iron and steel pipe products, fittings, and accessories. Pipes & Tubes, Mining & Pellets, DI Pipes & Fittings, and SAW Pipes are the company's four key business segments.

Jindal Saw Stock Split

"Pursuant to Reg. 42 of the Listing Regulations and relevant provisions of the Companies Act, 2013 and Rules made thereunder, the Company has fixed Wednesday, 9th October, 2024 as the 'Record Date' for the purpose of determining the eligibility of Shareholders for the purpose of sub-division /split of face value of equity shares of the Company from Rs. 2/- each fully paid-up to Re. 1/- each fully paidup," said Jindal Saw in a stock exchange filing on Wednesday.

According to Jindal Saw, the rationale behind the 2:1 stock split is to enhance the liquidity of the company's equity shares and to encourage the participation of retail investors by making equity shares of the company more affordable to invest.

Jindal Saw Financials

The company's net profit for the first quarter ended June 30, 2024, climbed by 66.7% YoY to Rs 441.1 crore. According to a regulatory filing by the firm, Jindal SAW reported a net profit of Rs 265 crore for the same period last fiscal year. Compared to the same time in the previous fiscal year, when it was Rs 4,410 crore, the business's revenue from operations climbed by 12% to Rs 4,939 crore in Q1FY25. In comparison to Rs 607.7 crore during Q1FY24, EBITDA increased by 38.2% to Rs 839.6 crore in the first quarter of current fiscal year. The reporting quarter's EBITDA margin was 17%, up from 13.8% during the same time in the prior fiscal year.

Jindal Saw Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "JINDALSAW is currently trading in the range of 720 to 725, nearing its all-time high of 754, reflecting a remarkable 43% gain since August 2024. It is currently reflecting a strong uptrend, the stock has been forming higher highs and higher lows, indicating a bullish trend. if the stock manages to close above the resistance level of 745 it can see a short-term target of 800 - 825. On the downside, immediate support is located at Rs 704, which could present buying opportunities on dips."

"The Relative Strength Index (RSI) is currently at 57.8 and trending upward, indicating increasing buying momentum. To manage risk prudently, it is advisable to set a stop-loss at Rs 660 to protect against an unexpected market reversal. In summary, considering the technical analysis and current market conditions, JINDALSAW appears to present an appealing buying opportunity for those targeting Rs 800 and Rs 825, provided that appropriate risk management measures are in place," the analyst recommended.

Another analyst A R Ramachandran, Independent Research Analyst said, "Jindal Saw stock price is bearish on the Daily charts with strong resistance at 754. A Daily close below support of 702 could lead to a target of 624 in the near term."

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.