Brokerage form Nuvama has initiated BUY rating on JTL Industries with a target price of Rs 325. The scrip had closed at Rs 239.45 in the last trading session and from here it can give a return of around 35 per cent in 12 months. Meanwhile the counter has around 8 per cent return in one year and 89 per cent return in two years. The stock opened in red at Rs 238.05 on the BSE and gained further to touch the high of Rs 247. Last seen the counter was trading at Rs 240.80. The brokerage firm has initated a buy rating after the steel pipes manufacturer shared a strong Q2 business update. The brokerage said that the steel pipes makers volume growth in the September quarter was driven by strong demand for heavy structures. The key is exports which clocked > 200% growth on the back of the recent commissioning of the Maharashtra galvanised unit which being closer to the port attracts higher exports. YoY growth of 15% in the domestic market was also strong despite falling HRC prices leading to destocking the brokerage said. Incorporated in 1991 JTL Industries Limited is a small-cap company having a market cap of Rs 4456.59 crore. The company has expanded its offering by including value-added products such as hot-dipped galvanised steel tubes and pipes solar module mounting structures and large-diameter steel tubes and pipes.