In the Wednesday session, the large-cap share rose around 2 percent to an intraday high of Rs 3484.95 after the company announced that the Ministry of Corporate Affairs had approved the merger.
According to the filing of Tube Investments of India Ltd, the Ministry of Corporate Affairs has approved the merger with its subsidiaries.
Cellestial E-Mobility Private Limited subsidiary of TI Clean Mobility Private Limited and Cellestial E-Trac Private Limited subsidiary of Tube Investments of India Ltd. merges with it TI Clean Mobility Private Limited wholly owned subsidiary of Tube Investment of India.
Cellestial E-Mobility Private Limited and Cellestial E-Trac Private Limited is India’s first manufacturer of Electric Tractors.
The company has reported its net revenue increased by 15 percent year on year from Rs 3,627 crores in Q2FY23 to Rs 4,169 crores in Q2FY24. On a sequential basis, their revenue increased 10.6 percent from Rs 3,767 crore in Q1FY24 to current levels.
In addition, the company’s net profit rose by 23 percent year on year, from Rs 277 crores in Q2FY23 to Rs 341 crores in Q2FY24. On a quarter-on-quarter basis, their revenue rose 20 percent from Rs 283 crore in Q1FY24 to current levels.
The company’s promoters hold a 46 percent stake in the company, with 30 percent owned by foreign institutional investors, 12 percent owned by the general public, and 12 percent owned by domestic institutional investors.
In addition to recent media reports, the Murugappa Group’s CG Power intends to invest $791 million in establishing a semiconductor assembly and test facility (OSAT) in India. The company is seeking approval from the Ministry of Electronics and Information Technology (MeiTY). With the acquisition of CG Power, Tube Investments now owns a 58 percent controlling position in the business.
Tube Investments of India Limited (TII) is a leading manufacturer in India of a wide range of products for major industries such as automotive, railway, construction, mining, agriculture, and so on.
Written by Sriram KV
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