Tube Investments firms up as board to mull fund raising on 26 Nov

Tube Investments of India rose 1.68% to Rs 845.20 after the company said its board will consider fund raising on 26 November 2020.

Nov 24, 2020 10:11 IST capital market

In a BSE filing made after market hours on Monday, the company said its board will meet on Thursday (26 November 2020) to consider fund raising including through issue of capital by way of preferential issue of eligible securities to eligible investors.

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.

On a consolidated basis, the companys net profit rose 9.6% to Rs 99.24 crore on a 4.4% decline in net sales to Rs 1139.18 crore in Q2 FY21 over Q2 FY20.

On a year-to-date (YTD) basis, the stock has zoomed 74.61% while the benchmark S&P BSE Sensex rose 7.73% during the same period.

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