Triveni Engineering soars on getting nod to venture into new business
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Triveni Engineering & Industries is currently trading at Rs. 342.50, up by 9.05 points or 2.72% from its previous closing of Rs. 333.15 on the BSE.
The scrip opened at Rs. 330.00 and has touched a high and low of Rs. 344.50 and Rs. 330.00 respectively. So far 43632 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 417.00 on 18-Oct-2023 and a 52 week low of Rs. 250.10 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 344.50 and Rs. 323.00 respectively. The current market cap of the company is Rs. 7481.93 crore.
The promoters holding in the company stood at 60.98%, while Institutions and Non-Institutions held 12.88% and 26.13% respectively.
Triveni Engineering has received approval from board of directors for venturing into new business of manufacturing, marketing and selling own brands in the premium segment of Indian Made Foreign Liquor (IMFL) as a forward integration of the distillery operations. It would involve setting up a state-of-the-art bottling plant in Muzaffarnagar, Uttar Pradesh to produce high quality IMFL products at an estimated cost of about Rs 25 crore, subject to receipt of necessary statutory clearances. The new facility is expected to be ready for commencement of production by end of Q1FY25. The Board of Directors of the company at its meeting held on January 30, 2024, has inter-alia considered and approved the same.
Triveni Engineering & Industries is a focused, growing corporation having core competencies in the areas of sugar and engineering. The Company is one amongst the largest sugar manufacturers in India and the market leader in its engineering businesses comprising high speed gears, gearboxes, and water treatment solutions.
