Tube Investment slumps 6% after block deal in over 1 million shares

Around 1.04 million shares of the company changed hands in a bunch of trades, according to Bloomberg

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Shares of Tube Investments of India Ltd slumped over 6 percent on September 29 after 1.04 million shares of the company changed hands in a bunch of trades, according to Bloomberg. Details of the buyers and sellers were yet to be known.

The stock hit a low of Rs 2,900 and dropped as much as 6.4 percent in the morning trade. At 9.40am, the stock was trading at Rs 2,968 on the BSE, down 4.2 percent from its previous close. It hit a one-year high of Rs 3691.25 on September 11 but dropped over 21 percent since then.

The auto ancillary company has recorded a 74.4 percent on-year growth in consolidated profit at Rs 311.84 crore for the June quarter, despite exceptional loss, backed by strong operating performance.

Consolidated revenue from operations at Rs 3,778 crore for the quarter increased 11.3 percent over the corresponding period last fiscal, with strong support from industrial systems, power systems, and engineering segments.

“Engineering and metal helped products businesses continue with its good performance in the fourth quarter as well. The bicycle industry continues to suffer from contraction in demand and our bicycle business worked towards cost reduction and improving operational efficiency through Kaizen improvements,” MAM Arunachalam, Chairman of Tube Investments had said in its earnings release.