Tube Investments of India lost 1.99% to Rs 177 at 14:17 IST on BSE, with the stock sliding on profit booking after recent rally after the company on Tuesday, 4 February 2014, reported strong Q3 December 2013 earnings.
The Q3 result was announced after market hours on Tuesday, 4 February 2014.
Meanwhile, the S&P BSE Sensex was up 32.92 points or 0.16% at 20,244.85.
On BSE, so far 5,990 shares were traded in the counter as against average daily volume of 13,814 shares in the past one quarter.
The stock was volatile. The stock lost as much as 2.32% at the day's low of Rs 176.40 so far during the day. The stock rose as much as 2.43% at the day's high of Rs 185 so far during the day. The stock had hit a 52-week low of Rs 123 on 21 June 2013. The stock had hit a record high of Rs 196.50 on 4 February 2013.
The stock had outperformed the market over the past one month till 4 February 2014, surging 17.43% compared with Sensex's 3.07% fall. The scrip had also outperformed the market in past one quarter, jumping 15.11% as against Sensex's 4.84% fall.
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The small-cap company has equity capital of Rs 37.36 crore. Face value per share is Rs 2.
Shares of Tube Investments of India witnessed a pre-result rally. The stock surged 9.48% in two trading sessions to settle at Rs 182.35 on 3 February 2014, from a recent low of Rs 166.55 on 30 January 2014. The stock closed 0.96% lower to settle at Rs 180.60 on Tuesday, 4 February 2014.
On consolidated basis, Tube Investments of India's net profit rose 12.3% to Rs 76.56 crore on 18.8% growth in net sales to Rs 2113.96 crore in Q3 December 2013 over Q3 December 2012.
Tube Investments of India's net profit jumped 114.28% to Rs 15 crore on 9% growth in revenue to Rs 834 crore in Q3 December 2013 over Q3 December 2012.
Commenting on the company's financial performance, Mr. L. Ramkumar, MD, Tube Investments of India said, "During the quarter, the company benefited from the pick-up in demand of two wheelers in the country. This coupled with enhanced service levels and better operational efficiencies helped the top and bottom lines. The company has put in place operational excellence initiatives to realize break through improvements in all operating parameters".
Tube Investments of India's board of directors at its meeting held on Tuesday, 4 February 2014, approved and authorised the postal ballot process under Section 192A of the Companies Act, 1956 seeking shareholders' approval in respect of proposals for (a) investment by the company in the equity share capital of Cauvery Power Generation Chennai Limited not exceeding an amount of Rs 3 crore in connection with proposed power purchase arrangement & (b) increase in the borrowing powers of the company.
Accordingly, the company will be seeking shareholders approval shortly, through a postal ballot, for the passing of necessary Special Resolutions under Section 372A of the Companies Act, 1956 and Section 180(1)(c) of the Companies Act, 2013 respectively for the aforesaid proposals.
Also, Tube Investments of India's board of directors declared interim dividend of Rs 1.50 per share for the year ending 31 March 2014. The record date for the payment of interim dividend is fixed as 14 February 2014.
Tube Investments of India is primarily engaged in the production of steel tubes, cold rolled steel strips and metal sections, as well as bicycles and all critical bicycle components.
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