Jindal Worldwide hits 52-week high, up 5% as board proposes 4:1 bonus issue

Shares of Jindal Worldwide were in demand on Wednesday, after the company’s board recommended the issuance of bonus shares in the ratio of 4:1. Jindal Worldwide share price hit its 52-week high at Rs 470.95, rising 5.53 per cent.

 

In a meeting held on Tuesday, 7th January 2025, the board of directors of the company approved several including an increase in the authorized share Capital and a subsequent alteration to the capital clause of the company’s Memorandum of Association. 

 

Additionally, the Board proposed the issuance of bonus equity shares in a 4:1 ratio, offering four new fully paid-up equity shares of Rs 1 each for every existing share held, to eligible equity shareholders as of the record date, funded through the capitalization of free reserves and/or the securities premium account.

 

 

The Board also accepted the resignation of Durgesh D. Soni from his roles as Whole-Time Company Secretary, Compliance Officer, and Key Managerial Personnel, effective 8th January 2025. 

 

Jindal Worldwide, part of the Ahmedabad-based Jindal Group, is a prominent player in the textiles sector. The company specializes in the manufacturing of denim fabric, premium shirtings, yarn dyeing, bottom weights, and home textiles, through its various divisions, including: a) Jindal Denims Inc., b) Jindal Fabric Inc., c) Jindal Spinning Inc., d) Jindal Creations Inc., and e) Made-Ups Division. With an annual production capacity of 120 million meters of denim fabric, JWL has established itself as a dominant name in the industry.

 

On the equities front, the share price of Jindal Worldwide has outperformed the market in the last six months, surging 33 per cent, while gaining 47 per cent in the last one year. In comparison, the BSE Sensex has lost 2.4 per cent in the last six months and has gained 9.3 per cent in the last one year. 

 

The company has a total market capitalisation of Rs 9,125.68 crore. Its shares are trading at a price to earnings multiple of 155.22 times and at an earning per share of Rs 3.95. 

 

At 10:17 AM, the stock price of the company was up 2.1 per cent at Rs 455.65 a piece on the BSE. By comparison, the BSE’s Sensex was down 0.15 per cent to 78,085 level.