Tube Investments hits record high, up 22% in six trading sessions
Tube Investments of India soared to a new high of Rs 2,755 in Friday’s intra-day trades on the BSE on the back of optimism over the future growth prospects. The stock has rallied nearly 22 per cent in the last six straight trading sessions, while the NSE Nifty was up 2.2 per cent during the same period.
So far in the September quarter, the stock has surged almost 50 per cent so far in the September quarter. In comparison, the NSE benchmark index has rallied 13.5 per cent during the same period.
As of 11:20 AM, Tube Investments was up 3.8 per cent at Rs 2,724, with trades of around 4.05 lakh shares so far on the NSE. Meanwhile, the NSE Nifty stood 0.4 per cent higher at 17,870.
On Tuesday September 06, TI Clean Mobility (TCM), a subsidiary of Tube Investments of India, a Murugappa Group company, marked its entry into the electric vehicle segment with the launch of Montra Electric 3W Auto in Chennai.
The launch was part of the group’s strategy to focus aggressively on electric vehicles by introducing e-three-wheeler products under the brand Montra Electric, electric tractors under the Cellestial Egat brand, and electric heavy commercial vehicles through the Rhino 5536.
The company said products in each of these categories will be launched within six months.
Further, the company in August said it would be investing about Rs 1,000 crore to create at least four platforms in the EV segment. The price of the Montra electric 3W range was pegged to start at Rs 3,02,000 (ex-showroom post-subsidy). READ MORE
For the quarter ended June 2022, Tube Investments reported a 38.5 per cent jump in Q1 net profit at Rs 13.43 crore when compared with Rs 9.70 crore in the corresponding quarter a year ago. Total income rose 55.3 per cent to Rs 196.90 crore from Rs 126.76 crore.
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