JTL Industries shares gain on acquiring controlling stake in Nabha Steels

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.

At 09:54am, JTL Industries shares were quoting at Rs 217.15 apiece, up Rs 0.9, or 0.42 percent, on the BSE.

JTL Industries' acquisition of 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, such as billets, the company said in a release.

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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 backward integrated operations now spanning across Chhattisgarh and Punjab, the company added.