Tube Investments of India rose 0.87% to Rs 463.10 at 11:45 IST on BSE after the bicycles division of the company announced the inauguration of its bicycle manufacturing factory in Rajpura, Punjab today, 9 June 2016.
The announcement was made after market hours yesterday, 8 June 2016.Meanwhile, the BSE Sensex was down 173.50 points, or 0.64%, to 26,847.16
On BSE, so far 7,352 shares were traded in the counter, compared with an average volume of 31,922 shares in the past one quarter. The stock hit a high of Rs 469.85 and a low of Rs 460.50 so far during the day. The stock hit a record high of Rs 479 on 2 June 2016. The stock hit a 52-week low of Rs 332 on 29 June 2015. The stock had underperformed the market over the past one month till 8 June 2016, gaining 6.93% compared with Sensex's 7.1% rise. The scrip, however, outperformed the market in past one quarter, rising 17.96% as against Sensex's 9.58% rise.
The mid-cap company has an equity capital of Rs 37.47 crore. Face value per share is Rs 2.
Tube Investments of India's bicycles division TI Cycles of India announced the inauguration of its state-of-the-art-bicycle manufacturing factory in Rajpura, Punjab today, 9 June 2016 to cater to the growing demand in the North and East Indian markets. TI Cycles of India is one of the leading bicycles manufacturers in India.
Tube Investments of India said that the Rajpura plant is a greenfield project and is set up with the support of the Government of Punjab. The plant has been built with a capital expenditure of Rs 105 crore and has the capacity to manufacture 2.50 lakh cycles per month, with the ability to expand when required, Tube Investments of India said. It is a state-of-the-art plant with the most modern bake-on-bake painting technology, the company said. The plant will have three modern painting lines with German applicators. This new plant at Rajpura will further enhance the company's ability to bring in innovative new products to cater to changing consumer needs. It will also help the company to continually improve the quality of its products on par with best in the world, it added.
Tube Investments of India's consolidated net profit rose 391.8% to Rs 725.55 crore on 29.4% decline in net sales to Rs 1585.77 crore in Q4 March 2016 over Q4 March 2015.
Tube Investments of India is primarily engaged in the production of steel tubes, cold rolled steel strips and metal sections, as well as bicycles and all critical bicycle components.
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