On the 06th of September, TI Clean Mobility (TCM) which is one of the subsidiaries from Tube Investments of India, introduced its electric vehicle, Montra Electric 3W Auto in Chennai.
Tube Investments of India increased to a new level of Rs.2,755 during Friday’s intraday trades on the BSE in the wake of optimism regarding the future growth prospects. The stock has gained around 22 percent in the last six trading sessions and Nifty was also up. NSE Nifty was up 2.2 percent in the same time.
As of the September quarter the stock has increased nearly 50 percent to date in the month of September. Comparatively to this, NSE benchmark index has risen 13.5 per cent. NSE standard index risen 13.5 percent during the same time frame.
At 11:20 am, Tube Investments was up 3.8 percent to Rs 2,724. There were trades of approximately 4.05 lakh shares through the NSE. In addition, the NSE Nifty stood 0.4 per percent more at 17870.
The 06th of September, TI Clean Mobility (TCM) is one of the subsidiaries of Tube Investments of India, which is a Murugappa Group company, marked its debut into the electric vehicle market by launching Montra Electric 3W Auto in Chennai.
It was launched as part of company’s strategy to concentrate upon electronic vehicles by introducing e-three-wheeler vehicles under the moniker Montra Electric, electric tractors under the Cellestial Egat brand, and electric commercial vehicles for heavy duty use via Rhino 5536. Rhino 5536.
The company stated that new products in the categories mentioned above will be released within the next six months.
Additionally In August, the company announced that it was investing around 1,000 crore to build minimum four different platforms within the electric vehicle segment. The cost for the Montra three-wheeler electric range is slated to begin at around Rs 3,02,000 (ex-showroom after subsidy).
In the third quarter of the month of June, 2022 Tube Investments reported a 38.5 percent jump in its Q1 net profit to 13.43 crore. 13.43 crore compared to an amount of 9.70 crore reported in the same period a year earlier. The total profit jumped 55.3 percent to 196.90 crore, up from 126.76 crore.