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Tube Investments share hits 52-week high: Tube Investments of India Limited (TII) shares soared as much as 5.08 per cent to hit a fresh 52-week high of Rs 4,268.40 per share, on Wednesday.
The surge in stock price came after TII, along with Tl Clean Mobility Private Limited (TICMPL), entered into a Rs 160-crore agreement with South Asia Growth Invest III LLC and South Asia EBT Trust III.
TICMPL, a subsidiary of TII, is in the electric mobility business.
In an exchange filing, Tube Investments said, “We write to inform you that Tube lnvestments of lndia Limited (TlI) and Tl Clean Mobility Private Limited (TICMPL) have today (June 11, 2024) entered into definitive agreement(s) with South Asia Growth lnvest lll LLC and South Asia EBT Trust lll (collectively referred as GEF) for additional subscription towards Compulsorily Convertible Preference Shares for Rs 160 crs in TICMPL.”
The proposed fund raising by TICMPL will help scale up the operations of the company and its subsidiaries.
Financial performance
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Tube Investments of India Ltd’s standalone profit after tax fell to Rs Rs 247.9 crore in Q4FY24, from a profit of Rs 250.7 crore in the same quarter a year ago (Q4FY23).
For the financial year ending March 31, 2024 the standalone PAT surged to Rs 734.5 crore, from Rs 665.2 crore registered in the same period of last year.
The total income grew to Rs 2,107.6 crore, as against Rs 1,835 crore in Q4FY23.
The Board has recommended a final dividend of Rs 1.5 per share for the financial year 2023-24 (FY24).
Incorporated as TI Cycles of India Limited in 1949, as a joint venture company, Tube Investments of India Limited is an engineering and manufacturing company. Headquartered in Chennai, the Murugappa Group company specialises in bicycles, metal formed products, and chains.
The market capitalisation of the company is Rs 79,775.92 crore, according to Bombay Stock Exchange (BSE).
The 52-week low of the stock is Rs 2,729.10 apiece.
At 1:36 PM, stocks of Tube Investments were trading 1.55 per cent higher at Rs 4,124.80 per share. In comparison, BSE Sensex was trading 0.60 per cent higher at 76,913.05 levels.
