Jindal Saw Share Price Rises After Capital Expenditure Plan In Middle East
Jindal Saw Ltd. saw its share price surge by 6.09% on Tuesday after announcing a substantial capital expenditure plan in the Middle East.
The company on Monday revealed its plans to invest $105 million to establish a seamless pipe plant with a capacity of 3 lakh tonnes per annum in Abu Dhabi. This project is set to be executed over a 12- to 36-month timeline.
In addition to the Abu Dhabi plant, Jindal Saw Ltd. is entering into two joint ventures in Saudi Arabia. The first is a $10 million partnership with Buhur Investment for the production of HSAW pipes, and the second is a $3 million collaboration with RAX United for ductile iron pipes. Jindal Saw will hold a 51% ownership stake in both ventures.
In other news, last Wednesday marked the final session for purchasing shares to qualify for the upcoming dividend for Jindal Saw before the stock goes ex-dividend.
The scrip rose as much as 6.09% to Rs 246 apiece. It pared gains to trade 5.21% higher at Rs 243 apiece, as of 09:35 a.m. This compares to a 0.05% advance in the NSE Nifty 50 Index.
It has fallen 12.59 % in the last 12 months. Total traded volume so far in the day stood at 25 times its 30-day average. The relative strength index was at 64.
Out of three analysts tracking the company, all maintain a 'buy' rating according to Bloomberg data. The average 12-month consensus price target implies an upside of 39.3%.
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