Tube Investments of India lost 3.6% to Rs 629 at 13:43 IST on BSE after net profit surged 113.32% to Rs 53.80 crore on 3.18% growth in total income to Rs 1079.94 crore in Q2 September 2016 over Q2 September 2015.
The result was announced after market hours yesterday, 3 November 2016.Meanwhile, the S&P BSE Sensex was down 115.92 points or 0.42% at 27,314.36.
On BSE, so far 18,000 shares were traded in the counter as against average daily volume of 12,000 shares in the past two weeks. The stock hit a high of Rs 675 and a low of Rs 612.50 so far during the day. The stock had hit a record high of Rs 685 yesterday, 3 November 2016. The stock had hit a 52-week low of Rs 352 on 25 February 2016.
Tube Investments of India's (TIIL) revenue rose 2% to Rs 1062 crore in Q2 September 2016 over Q2 September 2015. Other income spurted 104.78% to Rs 18.41 crore in Q2 September 2016 over Q2 September 2015.
L. Ramkumar, Managing Director of TIIL, said that, during Q2 September 2016, the auto industry registered a growth of 11% in the passenger vehicles and 14% in the two-wheeler segments. The company's export turnover grew by 72% over corresponding quarter in the previous year.
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. Its unit TI Cycles is a leading bicycle maker in India.
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