Tube Investments hits 10% upper circuit on strong Q4 nos, fund raising plan

The Board approved to raise fresh long-term borrowing to meet the company's financial needs during financial year 2020-21, for a sum not exceeding in the aggregate Rs 200 crore

Shares of Tube Investments of India were locked in the 10 per cent upper circuit band at Rs 341 on the BSE on Thursday after the company reported 26 per cent year on year (YoY) growth in its standalone profit before exceptional items and tax (PBET) at Rs 108 crore for the March quarter (Q4FY20).

Total revenue from operations, however, declined 19 per cent YoY at Rs 935 crore during the quarter, compared with Rs 1,224 crore in Q4 of last year mainly due to de-growth in auto industry. During the year, the company implemented voluntary retirement schemes in certain