Stocks of Triveni Engineering, Hercules Hoists rise sharply on Monday

19 Sept 2022 , 03:25 PM

In intraday trading on Monday, shares of Triveni Engineering and Hercules Hoists soared up to 20% on the BSE, propelled by high volumes.

Hercules Hoists was restricted to the 20% upper circuit band at Rs217.05 on the BSE. This was also a new 52-week high for the stock. Approximately 1.36 million equity shares had traded hands on the NSE and BSE, more than double the counter's daily average trading volume. According to exchange statistics, there are combined pending purchase orders for 112,479 shares.

Material handling equipment and wind turbine power are Hercules Hoists' two primary business sectors. On Friday, September 23, 2022, the board of directors of Hercules Hoists will convene, among other things, to review and adopt a demerger plan and all matters ancillary thereto. The board of the firm had already authorized, on May 26, 2022, an evaluation of the viability of demerging the manufacturing and investment activities.

On the other side, Triveni Engineering shares increased 14% to Rs 279 thanks to a more than five-fold increase in trading volume. The total number of equity shares that have been traded on the NSE and BSE today equals 5.35 million, or 2.2% of the company's total equity.

Triveni Engineering is involved in a variety of ventures, mostly divided into the engineering and sugar & related industries. Manufacturing of sugar and alcohol distillation makes up the majority of the sugar and related enterprises. Manufacturing high-speed gears, and gearboxes, and offering water/waste-water treatment systems are the main engineering company activities.

In order to meet the needs of the power sector, defense, and other industrial segments, the power segment focuses on all high-speed and specialized low-speed items. It also provides new equipment, after-market services, and gearbox retrofits.

With its extensive expertise in systems engineering and critical rotary machinery technology, as well as its prior experience supplying to defense and defense support organizations, Triveni is well-positioned to take advantage of the new opportunities and avenues that the Make in India policy of the Government of India has opened for the industry.

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