Triveni Engineering's Shares Surge to 52-Week High on Block Deal

11 Sept 2023 , 11:18 AM

Triveni Engineering and Industries saw its shares hit a 52-week high at Rs 360 during morning trade on September 11, driven by a significant equity transaction in a block deal. In the block deal, a substantial 4.1 % equity stake, comprising 89 lakh shares, changed hands, although details of the buyer/seller and the price remain undisclosed.

The company reported an 11 % year-on-year increase in net profit, totaling Rs 66.6 crore, for the quarter ending June 30. Revenue for the April-to-June quarter reached Rs 1,439 crore, marking a 5 % rise compared to the same period in the previous year.

However, revenue from the sugar and allied business slightly decreased by 0.6 % to Rs 1,422.11 crore. In comparison, the engineering segment witnessed a significant 24 % year-on-year growth, reaching Rs 118.13 crore during the same quarter. Triveni Engineering and Industries is a prominent player in India's sugar production and engineering businesses, specializing in power transmission and water and wastewater treatment solutions.

The company's shares have performed remarkably well, with a 25 % year-to-date increase and an impressive one-year return of 40 %. As of the quarter ending June 2023, the promoters retained a significant 60.98 % stake in the company.

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