Tube Investments of India Ltd. (TII) shares rose 2.89% to Rs 3,076.4 in Monday's trade as of 10:05 AM (IST). The stock hit a high of Rs 3,082.45 and a low of Rs 3,030. The broader Nifty50 index was down 0.93% at 15,307.
The increase in TII shares could be attributed to positive sentiment in the broader market. The Nifty50 index is on track to record its third consecutive weekly gain, with a potential rise of over 2% this week.
TII is a leading manufacturer of tubes and pipes in India. The company's products are used in a variety of industries, including automotive, construction, and infrastructure.
The company's financial performance has been strong in recent quarters. In the quarter ended March 2023, TII's net profit rose 18% year-on-year to Rs 234 crore.
The company's management is confident of maintaining the strong growth momentum in the coming quarters. TII is expanding its production capacity and is also entering new markets.
Overall, the outlook for TII shares is positive. The stock is trading at a reasonable valuation and has the potential to deliver strong returns in the long term.
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