On July 4, Tube Investments shares of India rose 1% in early trade after it proclaimed its incursion into the small commercial electric vehicle segment under its subsidiary TI Clean Mobility Private Limited (TICMPL).

At 9:20 am, Tube Investments was trading at Rs 3,215 per share, up 1% from the preceding day’s close on the National Stock Exchange. In the six months, the stock has given a 14% return.

The Chennai-headquartered firm mentioned that TICMPL had touched on a contract with Jayem Automotives to obtain a 50% stake in the firm to fasten the R&D and rapid production capability for its electric vehicle (EV) unveiling.

The acquisition is an amalgamation of the equity shares purchased from Anand Jayachandran and B Jayachandran, who are the promoters of Jayem, along with other present shareholders of Jayem and over subscription to fresh equity shares, for collective consideration of up to Rs 206 Crores, the company mentioned a statement to the exchanges.