Tube Investments of India (CMP=Rs 37.65 ) has sold 26% stake in its joint venture company BorgWarner Morse Teo Murugappa for Rs 20.40 crore.
The stock has a 52-week high of Rs 97.80 on 2 January 2008. The stock hit a low of Rs 33.50 so far during the day, which is a 52-week low.
The company’s current equity is Rs 36.95 crore. Face value per share is Rs 2.
The current price of Rs 37.65 discounts Q1 June 2008 annualized EPS of Rs 10.46, a PE multiple of 3.60.
Tube Investments of India (TII)’s net profit surged 242.7% to Rs 48.29 crore on 24.2% increase in net sales to Rs 538.16 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing cycles, steel tubes, steel strips and metal-formed products. The group provides general insurance services. The group operates in five segments, namely, engineering, cycle components, metal forming, insurance and other. The group operates in India, North America, Europe and other countries.
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