Tube Investments of India rose 1.2% to Rs 401.40 at 15:08 IST on BSE after the company signed a License Agreement with Ridley Bikes Belgium to acquire the rights/licence for the brand "Ridley".
The company made the announcement after market hours yesterday, 27 August 2015,
Meanwhile, the BSE Sensex was up 206.11 points, or 0.79%, to 26,437.30
On BSE, so far 14,563 shares were traded in the counter, compared with an average volume of 25,525 shares in the past one quarter.
The stock hit a high of Rs 419.40 and a low of Rs 396.15 so far during the day. The stock hit a record high of Rs 438.90 on 10 August 2015. The stock hit a 52-week low of Rs 275 on 28 August 2014.
The mid-cap company has an equity capital of Rs 37.44 crore. Face value per share is Rs 2.
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Tube Investments of India (TII) said that the company has signed up with Ridley Bikes Belgium, one of the leading Bicyle brands in Europe, to acquire the Brand Licensing rights for the brand Ridley for India, Sri Lanka, Bangladesh, Nepal, Bhutan and Myanmar for a period of 33 years. The Licensing rights will strengthen the market share for TI Cycles of India in the Premium Bicyles division and will also establish Ridley as one of the leading global brands in India. TII said in a statement.
On a consolidated basis, Tube Investments of India's net profit rose 6.1% to Rs 94.95 crore on 7.2% rise in total income to Rs 2553.84 crore in the Q1 June 2015 over Q1 June 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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