Tube Investments rises on inking pact to incorporate subsidiary for pursuing CDMO business
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Tube Investments of India is currently trading at Rs. 2735.00, up by 31.20 points or 1.15% from its previous closing of Rs. 2703.80 on the BSE.
The scrip opened at Rs. 2683.00 and has touched a high and low of Rs. 2742.40 and Rs. 2683.00 respectively. So far 2602 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 3046.25 on 20-Dec-2022 and a 52 week low of Rs. 1455.15 on 15-Mar-2022.
Last one week high and low of the scrip stood at Rs. 2811.00 and Rs. 2619.20 respectively. The current market cap of the company is Rs. 52626.19 crore.
The promoters holding in the company stood at 46.43%, while Institutions and Non-Institutions held 41.03% and 12.54% respectively.
Tube Investments of India (TII) has entered into an agreement with N. Govindarajan (NG) to incorporate a subsidiary for pursuing the Contract Development and Manufacturing Operations (CDMO) business, subject to the approval of the Shareholders of TII. The company is planning to invest up to Rs 285 crore and NG will be investing up to Rs 15 crore in the form of equity and compulsorily convertible preference shares.
The company is looking at new platforms to complement the existing businesses for its future growth as part of its long term strategy and has identified CDMO as a new line of business with the potential to grow and expand in the future.
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.
