Jindal Saw shares traded flat on December 8 morning ahead of the company's management meeting scheduled later next week to consider raising funds.
The iron and steel pipes and pellets manufacturer said the board of directors will meet on December 14 to consider the proposal of raising funds through one or more qualified institutional placement (QIP) of equity shares.
As of 9.25 am, shares of Jindal Saw were trading at Rs 451.35 on the NSE, higher by 0.02 percent compared to the closing price of the previous session.
Earlier this year, Jindal Saw launched a $25-million facility set up in a joint venture with the US-based Hunting Energy Services in Maharashtra. The plant is the only facility in India to manufacture and supply pipes and tubes with premium connections to OCTG market in the oil and gas sector in India. The annual capacity of the plant is 70,000 tonnes.
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Jindal Saw reported robust performance in September 2023, with total revenue coming in at Rs 5,466.13 crore, marking a 35.18 percent increase from the previous year's figure of Rs 4,043.54 crore.
The net profit surged to Rs 375.74 crore, a staggering 532.35 percent gain from Rs 59.42 crore in September 2022.
So far in 2023, the Jindal Saw stock has risen over 300 percent, tripling investors' wealth. In comparison, the frontline index Nifty 50 has given investors returns of around 15 percent during the same time period.
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