Shares of Tube Investments of India fell to their lowest level in a month on Friday, even as its arm increased its stake in IPLTech Electric, an electric truck maker. The subsidiary, TI Clean Mobility Pvt., increased its stake in IPLTech to 89.46% from 65.77% earlier for a consideration of Rs 185 crore.
"The investment is part of Tl Clean Mobility's plan to consolidate its holding in the electric truck business," an exchange filing by the company said.
IPLTech Electric had a turnover of Rs. 33.20 crore in fiscal 2024, the filing said.
Shares of the company fell as much as 5.4% to Rs 3,500 apiece, the lowest level since April 22. It erased losses to trade 0.12% higher at Rs 3,704.40 apiece as of 11:14 a.m. This compares to a 0.18% advance in the NSE Nifty 50 Index.
The stock has risen 4.77% on a year-to-date basis and 29.69% in the last 12 months. Total traded volume so far in the day stood at 0.30 times its 30-day average. The relative strength index was at 46.10.
Out of five analysts tracking the company, three maintain a 'buy' rating, one recommends a 'hold,' and one suggests a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 7.7%.
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