Triveni Engineering shares hit 52-week high on block deal

| Leave a Comment | Stocks

Shares of Triveni Engineering and Industries surged to a 52-week high of Rs 360 in morning trade on September 11, after a block deal of 4.1% equity stake in the company.

The block deal, which was executed through the BSE’s block trading platform, saw a total of 89 lakh shares being traded. The identity of the buyer and seller was not immediately known.

The share price of Triveni Engineering has been on an upward trajectory in recent months, rising 25% on a year-to-date (YTD) basis. The company’s strong financial performance has been a key driver of the rally.

In the quarter ended June 2023, Triveni Engineering reported a 11% on-year increase in its net profit to Rs 66.6 crore. Revenue for the quarter also rose 5% to Rs 1,439 crore.

The company’s sugar and allied business reported a marginal decline in revenue, falling 0.6% to Rs 1,422.11 crore. However, the engineering business saw a strong growth of 24%, with revenue reaching Rs 118.13 crore.

The block deal is a sign of the confidence that investors have in the company’s future. The buyer of the 4.1% stake is likely to be a long-term investor who is betting on the company’s growth prospects.

Triveni Engineering is one of the largest integrated sugar producers in India. It is also a leading player in the engineering sector, with a focus on power transmission and water and wastewater treatment solutions.

The company has a strong track record of financial performance and has been consistently growing its top and bottom lines. It is also well-positioned to benefit from the growing demand for sugar and engineering solutions in India.

The block deal is a positive development for Triveni Engineering and is likely to further boost the share price of the company. Investors who are looking for a long-term investment in the sugar and engineering sectors could consider adding Triveni Engineering to their portfolios.


Related News

  • 22 Sep

    NBCC shares trade higher on Rs 100 crore work order from SAIL

    NBCC shares were trading 3 percent higher on September 22 after the company announced having bagged a work order worth Rs 100 crore from SAIL. This is the fourth order-win announced by the company in this month, the total value of the same being Rs 450 crore. NBCC is a public sector undertaking engaged in the business of construction and real estate development. The company specializes in providing project management, consultancy and engineering services for civil construction, infrastructure development, and real estate projects.

  • 22 Sep

    Glenmark Pharma stock falls on stake sale in Glenmark Life Sciences

    Glenmark Pharma stock fell after the company announced it would sell a 75% stake in its subsidiary Glenmark Life Sciences to Nirma. Analysts expect the stake sale to benefit Glenmark Pharma, as it will transition from a net debt position to a cash surplus position. This is expected to have a positive impact on the company's return ratios over the next two to three years.

  • 22 Sep

    Berger Paints Shares Hit 52-Week High After Turning Ex-Bonus

    Berger Paints shares surged 6% to hit a 52-week high after turning ex-bonus on the record date for the issue of bonus shares in the ratio 1:5. The company posted a net profit of Rs 326.3 crore in the April-June quarter of FY24, up 39% year-on-year, on revenue of Rs 2,739.7 crore, up 10% year-on-year. The company expects to get net cash positive by the end of this fiscal year and expects to end the year with double-digit revenue growth on strong demand outlook.

  • 22 Sep

    Market Update for September 22, 2023

    IdeaForge Tech up 3.4% on order RVNL up 3% on highway MoU JSW Steel up 0.4% on sale ICICI Lombard down 1.6% on CEO exit ICICI Bank down 1% on healthcare investment NHPC up 1.3% on extended additional charge Kalyani Forge up 3.2% on new MD IRB Infra up 2.5% on road project closure

  • 22 Sep

    Lux Industries Shares Down 3% After Income Tax Raid

    Lux Industries shares fell 3% on September 22 after news emerged that the Income Tax department had conducted searches at the company's premises in Kolkata and alleged a tax evasion of Rs 200 crore. The company has confirmed the searches and is extending full support.

Leave a Reply

Your email address will not be published. Required fields are marked *