Toyota Tsusho Corporation sells entire stake in Tube Investments, domestic mutual funds likely buyer

Earlier in September, the Murugappa Group’s engineering company had seen large trade being executed in the open market. Around 20 lakh shares of Tube Investments, translating into a percent of the company’s equity, had changed hands at ₹2,920 apiece on BSE on September 23. This took the total deal price to around ₹586 crore.

Tube Investments of India Limited (TII) had registered more than a 27% jump in standalone net profit for the July to September 2023 at ₹181.44 crore, up from ₹142.5 crore in the year-ago period. Revenue rose 3.3% to ₹1,970 crore as against ₹1,906 crore in the year-ago period. Profit before exceptional items and tax was ₹245 crore as against ₹226 crore while return on invested capital (annualized) was 67% as against 62% in the same period previous year.

Tube Investments shares were trading half a percent higher at ₹3,359.50 on BSE at 10:04 am. In 2023 (year-to-date), the stock has given a return of 21.75% to its investors as against the benchmark Sensex which rose nearly 14% during the period.