India's Tube Investments jumps on plans to buy stake in X2Fuels

Cholamandalam Financial Holdings

25/11/2022 04:57

** Shares of Tube Investments of India  TBEI.NS  rise as
much as 4.7% to 2,725 rupees, touching its highest level since
Nov. 9
    ** Stock set to gain for a second straight session
    ** The metal products maker is top gainer on Nifty auto
index  .NIFTYAUTO , which is up 0.33% along with the broader
market  .NSEI  which is up 0.03%
    ** Co late on Thursday said that it will buy 50% stake in
X2Fuels and Energy for up to 61.5 million rupees ($754,485.51)
 urn:newsml:reuters.com:*:nFWN32K06P
    ** X2Fuels is a start-up that develops processes to convert
waste to liquid and solid fuels
    ** More than 240,000 shares traded by 0438 GMT, 0.5x times
their 30-day moving avg of more than 490,000 shares
    ** Three of 5 brokerages rate the stock "buy" or higher, 1
"hold" and 1 "sell" or lower; median PT is 2,894 rupees
    ** As of last close, TBEI up ~48.3% YTD vs ~17.5% rise in
the Nifty auto index
($1 = 81.5125 Indian rupees)
 (Reporting by Yagnoseni Das in Bengaluru)
 ((yagnoseni.das@thomsonreuters.com;Mobile: +91 6001289066))