Tube Investments of India shares rise on Jayem Automotives acquisition

Tube Investments of India’s subsidiary, M/s. TI Clean Mobility (TICMPL), has completed the acquisition of 64,17,278 equity shares with a face value of Rs 10 each, representing 50% of Jayem Automotives’ (Jayem’s) subscribed and paid-up equity share capital.

Jayem is an automotive research and development company engaged in the design, development, testing, and manufacturing of a wide range of automotive components, systems, and prototypes. The proposed acquisition by TICMPL is to augment its research and development capabilities and to broaden its product and business portfolio in the productive end of electric vehicles.

Tube Investments of India was formed by merging TI Cycles of India and Tube Products of India. The company is in the business of manufacturing metal products. In Q1FY24, the net sales of the company increased by 3.04% to Rs 3767.47 crore as compared to Rs 3656,28 crore in the previous quarter same year and reported a YoY rise of 3.71%.

The net profit plunged by 11.78% to Rs 277 crore as compared to Rs 313.98 crore in the previous quarter same year and reported a YoY increase of 10.42%.

Tube Investments of India is currently trading at Rs 2787.75, up by 17.25 points or 0.62% from its previous closing of Rs 2770.50 on the BSE. The scrip opened at Rs 2765.40 and touched a high and low of Rs 2811.75 and Rs 2765.40 respectively. So far 1366 shares have been traded on the counter.

The BSE group ‘A’ stock of face value of Rs 1 has touched a 52-week high of Rs 3394 and a 52-week low of Rs 2053.50. Last one week high and low of the scrip stood at Rs 2869.90 and Rs 2752.30, respectively. The current market cap of the company is Rs 53545.72 crore. The promoters holding in the company stood at 46.13%, while Institutions and Non-Institutions held 42.12% and 11.76%, respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.

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