Tube Investments of India rises on eyeing to tap huge opportunity for electric tractors
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Tube Investments of India is currently trading at Rs. 3216.00, up by 74.15 points or 2.36% from its previous closing of Rs. 3141.85 on the BSE.
The scrip opened at Rs. 3197.95 and has touched a high and low of Rs. 3233.70 and Rs. 3145.85 respectively. So far 6955 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 3394.00 on 23-Jun-2023 and a 52 week low of Rs. 1958.60 on 11-Jul-2022.
Last one week high and low of the scrip stood at Rs. 3240.00 and Rs. 3134.10 respectively. The current market cap of the company is Rs. 62069.57 crore.
The promoters holding in the company stood at 46.21%, while Institutions and Non-Institutions held 41.14% and 12.63% respectively.
Tube Investments of India is eyeing to tap a huge opportunity for electric tractors in agriculture and e-trucks in the commercial vehicles as it eyes a larger presence in the electric vehicle segment. The company, part of the diversified conglomerate Murugappa Group, is currently engaged in the manufacturing of e-tractors at its facility in Apex Park in Chennai and for e-trucks in Manesar in Haryana.
The company forayed into the electric vehicle business with the acquisition of 65.2 per cent stake in IPLTech Electric to become an original equipment manufacturer (OEM) of zero-emission vehicles and participate in the entire productive end of EV spectrum. IPLTech Electric is a company manufacturing electric-medium and heavy-duty commercial vehicles.
Tube Investments of India was formed by merging TI Cycles of India and Tube Products of India. The company is in to the business of manufacturing metal products.
