Tube Investments of India hit a new high of Rs 2,755 in Friday’s BSE intraday trading on optimism about future growth prospects. The stock is up nearly 22% in the past six consecutive trading sessions, while the NSE Nifty is up 2.2% over the same period.
So far in the September quarter, the stock has jumped almost 50% so far in the September quarter. By comparison, the benchmark NSE index rose 13.5% over the same period.
As of 11:20 a.m., Tube Investments was up 3.8% at Rs 2,724, with trades of around 4.05 lakh shares so far on the NSE. Meanwhile, the NSE Nifty was 0.4% 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 aggressively focus on electric vehicles by introducing electric three-wheelers under the Montra Electric brand, electric tractors under the Cellestial Egat brand and electric heavy-duty vehicles through the Rhino 5536.
The company said products in each of these categories will launch within six months.
Additionally, the company announced in August that it will invest around Rs 1,000 crore to build at least four platforms in the EV segment. The price of the Montra 3W electric range has been set to start at Rs 3,02,000 (post-subsidy ex-showroom). READ MORE
For the quarter ended June 2022, Tube Investments reported a 38.5% increase in first quarter net profit to Rs 13.43 crore from Rs 9.70 crore in the corresponding quarter a year ago. Total revenue increased by 55.3% to Rs 196.90 crore from Rs 126.76 crore.