Tube Investments of India or TI Cycles as it is recognized announced that its new manufacturing plant at Rajpura, Punjab, which was inaugurated yesterday has now commenced commercial production. It has a capacity to manufacture 2.5 lakh bicycles per month.

This greenfield cycle plant was put up at a cost of Rs.105 crore.

The company ended FY16 with a 3% rise in net revenue at Rs.3941 crore but net profit jumped up over 500% at Rs.730 crore. Equity capital stood at Rs.37.47 crore and EPS came in at Rs.39.

The stock price rose intra day to Rs.468, which was tantalizingly close to its 52-week high of Rs.479.