Tube Investments rises for seventh day; up over 81% in three months

Tube Investments of India rose 0.74% to Rs 2,748.70, extending gains for seventh consecutive session.

The stock has gained 21.63% in seven sessions, from its recent closing low of Rs 2,259.90 recorded on 1 September 2022.

In the past three months, the stock has zoomed 81.01% while the benchmark Sensex has added 10.88% during the same period.

On the technical front, the stock's daily RSI (relative strength index) stood at 82.554. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 2167.88, 1912.31 and 1790.99, respectively.

Tube Investments of India, a Murugappa Group company, manufactures fabricated metal products. The company specializes in cycles, steel tubes, strips, chains, and metal formed items.

The company's consolidated net profit zoomed 62.13% to Rs 194.56 crore as sales increased by 55.98% to Rs 3,655.18 crore in Q1 FY23 over Q1 FY22.

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