Tube Investments Net Profit Rises 74% To Rs 129 Crore In March Quarter

Shares of Tube Investments settled 3.25 per cent decrease at Rs 1,192.15 apiece on the BSE

Tube Investments of India (TII) reported a web revenue of Rs 129 crore within the January-March quarter outcomes for the monetary 12 months 2020-21, up 74 per cent year-on-year, in comparison with Rs 74 crore within the corresponding quarter of the earlier fiscal. According to a regulatory submitting by the corporate to the inventory exchanges, the corporate's income for the quarter stood at Rs 1,480 crore, in comparison with Rs 935 crore within the corresponding quarter of the earlier 12 months, marking a progress of 58 per cent year-on-year.

Chennai-based Tube Investments is part of the Murugappa group and focuses on bicycles, engineering, metal-formed merchandise, and chains. For the monetary 12 months 2020-21, the income stood at Rs 4,256 crore, in comparison with Rs 4,276 crore within the earlier fiscal 12 months.

The firm's board of administrators had really useful a closing dividend of Rs 1.50 per share for the fiscal 12 months 2020-21. Tube Investments declared an interim dividend of Rs 2 per share in February 2021 and was paid to shareholders in March this 12 months.

Tube Investment's board additionally authorised recent long-term borrowing of a sum of Rs 200 crore to satisfy the fund wants through the fiscal 12 months 2021-22, by issuing privately positioned secured non-convertible debentures, in a number of tranches.

Shares of Tube Investments settled 3.25 per cent decrease at Rs 1,192.15 apiece on the BSE. On Friday, June 18, Tube Investments opened at Rs 1,311, swinging to an intra day excessive of Rs 1,344 and an intra day low of Rs 1,180.10, all through the buying and selling session.