India's Tube Investments within a whisker of record high

Cholamandalam Financial Holdings

25/10/2022 10:19

** Tube Investments of India's stock  TBEI.NS  shrugs off a
weak open to rise as much as 5.5% to 2,870 rupees
    ** Stock's rally takes it to within a whisker of record high
hit on Oct. 19 and puts it top of Nifty auto index  .NIFTYAUTO ,
which is up 1.1% while the broader market  .NSEI  is down 0.17%
    ** No apparent news on the metal products maker, which is to
report results in early November
    ** Stock has traded above its 50-, 100- and 200-day moving
avgs since June 28
    ** Over 700,000 TBIE shares traded by 0849 GMT, 1.8x their
30-day moving avg
    ** 3 of 5 brokerages rate TBIE "buy" or higher, 1 "hold" and
1 "sell"; their median PT is 2,628 rupees- Refinitiv data
    ** Stock last up 3.5%, taking YTD gains to ~60% vs a ~18%
rise in the Nifty auto index
 (Reporting by Yagnoseni Das in Bengaluru)
 ((yagnoseni.das@thomsonreuters.com;Mobile: +91 6001289066))