Tube Investments surges on France buy

The stock gave some of its partial gains and finally ended at Rs 75, up 4% from its previous close. The counter clocked volumes of 611,000 shares on the BSE.
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(Updated at 1115hrs)

Tube Investments has surged 7% to Rs 78, after the company announced acquisition of a controlling stake in Sedis Group, France through acquisition of 77% equity of its holding company, Financiere C10.

The stock opened at Rs 75 and touched high of Rs 81 on the NSE. As many as 736,175 equity shares changed the hands on the counter so far.

The company acquired stake directly from the financial investors in FC10 (75%) and a few other shareholders. The management shareholders will continue to hold the remaining shares in FC10 and be associated with Sedis for a period of three years.

Murugappa group, Tube Investments of India, is a leading manufacture of bicycles, precision steel tubes, cold rolled steel strips, cold formed sections and industrial and automotive chains. Sedis is a leading manufacturer of industrial and engineering class chains in France and possesses a product range covering the requirements of a whole range of industries including the high growth infrastructure sector.