This Nifty Auto Stock Hits Fresh High For Second Day In A Row; Goes Ex-Dividend Today

Shares of Tube Investments of India- the Nifty Auto constituent hit the fresh high for second day in a row. The company's shares made a new high of Rs. 2354 per share on the NSE, gaining close to 3.99%. This is after the stupendous gains of 15% in the previous session.

Nevertheless as the stock has gone ex-dividend today for a final dividend of Rs. 1.5 per share, there is seen a cut in its price at the time of writing this copy at around 9:55 am.

The gains in the stock to a fresh high are however on the back of its entry into clean mobility space. The company in an exchange filing on July 18, 2022 informed of its investment in M/s. Tl Clean MobilitV Private Limited ("T|CMPL"). In the release the company said, "the board today, approved a further investment of up to Rs. 1S0 Crores in the equity share capital of TICMPL and provision of lnter Corporate Deposit of an amount not exceeding Rs. 100 Crores to TICMPL".

Also, at the same time, the company informed of its intent to acquire IPL Tech Electric. "Tl Clean Mobility private Limited ('TICMPL"), a wholly owned subsidiary of the M/s. Tube lnvestments of india Limited ('Tll;) has today (18th July 2022) entered into definitive agreements for acquisition of 65.20% in the equity share capital of M/s. lPLTech Electric private Limited ('lpLT'), through a combination of purchase of equity shares from the founders and other exiting shareholders of IPLT and by way of subscription to fresh equity shares, for an aggregate consideration of up to Rs.246 Crores. lpLT is a startup engaged in manufacturing and sale of electric heavy commercial vehicles", said the exchange filing.

Tube Investments is an India-based mobility focused manufacturing company. The mid cap company has brands in its portfolio including BSA, Hercules, Track and Trail and Montra.