Shares of Jai Balaji Industries hit a 52-week high of Rs 84.78 in intraday trade on Tuesday, surging 18% on the BSE. Shares of the steel products company have soared 42% over the past two sessions. The company’s market price doubled 102% in the last six weeks from Rs 42 on March 28, 2023.

The average transaction volume on the counter today has increased several times. A total of 9.8 million shares, or 6.5% of the company’s total share capital, changed hands on the NSE and BSE as of 2:48 pm. In contrast, the S&P BSE Sensex gained 0.01% to 61,767.

On April 27, Jai Balaji Industries said that promoter group Shri Mahatejas Vinimay Private Limited had acquired 5.1 million shares in the company by converting 5.1 million convertible warrants into an equal number of equity shares allotted on a preferential placement basis.

Jai Balaji Industries mainly manufactures steel products, including sponge iron, pig iron, ductile iron pipes, ferrochrome, steel billets, TMT, coke and sinter and captive power plants. The company is an integrated steelmaker with five plants in three mineral-rich states in eastern India.

For the first nine months (April-December) of FY22-23 (9MFY23), the company reported a 71% year-on-year rise in its net profit to Rs 70.91 crore. Operating income rose 33% year-on-year to Rs 4,401 crore.

Jai Balaji Industries has posted a net profit of Rs 4.8 crore on revenue of Rs 4,634 crore for the fiscal year 2021-22 (FY22).

In its FY22 annual report, the company said the industry is witnessing a consolidation of players, which has led to investments by entities in other industries. The ongoing consolidation also provides opportunities for global players to enter the Indian market.