Triveni Engineering shares hit 52-week high on block deal
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.
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