Shares of this BSE 200 company zoomed on July 19
The shares skyrocketed by 11.12% in today’s trading session.
Tube Investments of India manufactures fabricated metal products. The company specializes in cycles, steel tubes, strips, chains, and metal-formed items.
Tube Investments of India Limited has been exploring growth opportunities in clean mobility. The company formed a 100% subsidiary viz. TI Clean Mobility Private Limited to venture into clean mobility projects. TICMPL has existing interests in 3-wheeler electric vehicles and electric tractors operated through its subsidiary Cellestial E-Mobility Private Limited.
In a press release on 18 July 2022, Tube Investment of India announced that TI Clean Mobility Private Limited a wholly owned subsidiary of Tube Investments of India Limited has entered into definitive agreements for the acquisition of 65.20% in the equity share capital of IPLTech Electric private Limited, through a combination of purchase of equity shares from the founders and other existing shareholders of IPLT and by way of subscription to fresh equity shares, for an aggregate consideration of up to Rs.246 crore. IPLT is a start-up engaged in the manufacturing and sale of electric heavy commercial vehicles.
IPL Tech Electric Private Limited, a start-up formed in 2019, is India’s first company to manufacture electric heavy commercial vehicles.
Commenting on the acquisition, Arun Murugappan, Chairman of the Company said, "The acquisition of lPLTech Electric Private Limited has expanded our footprint in the clean mobility space and gives us a first mover advantage in this segment. We have taken another important step to further our vision of improving quality of life through eco-friendly mobility solutions and to drive our ESG goals.”
On Tuesday, the shares of Tube Investments of India Limited ended at Rs 2234, an increase of 11.12% from the previous closing of Rs 2010.50 on BSE. The company hit a fresh 52-week high of Rs 2317.90 and has a 52-week of Rs 1064.50.
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