You are here: Home » PTI Stories » National » News
Business Standard

Tube Investments to commission greenfield plant in 2014-15

Press Trust of India  |  Chennai 

The green field manufacturing facility to produce large diameter tubes in Tamil Nadu set up by Tube Investments of India, part of the diversified business conglomerate, a Murugappa Group would be commissioned during the current financial year.

"The greenfield venture for manufacture of large diameter tubes at Thiruthani (in Tamil Nadu) was almost complete and would be commissioned during the current year.." Tube Investments of India said in a BSE filing.

Upon commissioning the facility, the company would consolidate its capabilities to address new market segments and business opportunities, Chairman, Tube Investments of India, M M Murugappan said.

On the performance of the company, he said the 2013-14 financial year was another challenging year for the company due to continued prevalence of various adverse economic factors.

The results for the first quarter of current financial year (2014-15) made it evident about the encouraging trends being witnessed in the markets for the company's businesses, he said.

Tube Investments of India, reported a consolidated net profit of Rs 89.52 crore in the first quarter of this fiscal, an increase of 10.8 per cent.

It had clocked consolidated net profits at Rs 80.74 crore during the corresponding period of previous year. For the financial year ending March 31, 2014 the net profits stood at Rs 311.31 crore.

The Chairman informed the members that the company remains on course in terms of its strategic direction, aiming for greater levels of achievement and further growth in the coming years.

Shares of the company were trading at Rs 297.90 apiece, up 5.98 per cent over previous close in afternoon BSE.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, September 03 2014. 14:50 IST