Timken India gains a day after tanking 7%

Timken Singapore Pte Ltd sold around 7.6 million shares in the open market in a deal valued at Rs 2,361.89 crore, bringing down its stake to 57.7 percent from 67.8 percent

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Timken India Ltd shares gained a percent in the opening trade on June 21, a day after falling nearly 7 percent after promoter Timken Singapore Pte Ltd sold around 7.6 million shares in the open market in a  deal valued at Rs 2,361.89 crore.

After the stake sale, Timken Singapore Pte now holds 57.7 percent in the company.

Kuwait Investment Authority bought around 5.07 lakh shares in the engineering company. BofA Securities was the sole book-runner for the transaction.

At 9.25 am, the stock was trading at Rs 3,271 on BSE, up 1 percent from the previous close.

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Timken India engages in the production, distribution, and sales of anti-friction bearings, specialising in tapered roller bearings, cylindrical roller bearings, and various other bearing components and accessories.

The company also collaborates with renewable energy firms to provide power transmission products for some of the largest windmills across the globe. It serves a diverse range of industries, including defence, mining, aerospace, agriculture, rail, energy, and automotive.

In the March quarter, the company reported revenue of Rs 802.5 crore, 20.2 percent higher that the previous quarter. However, the EBITDA margin contracted 789 bps to 19.1 percent on a higher share of traded goods. Net profit, too, declined 13.8 percent YoY to Rs 104.5 crore.

According to analysts, the stock’s main catalyst is anticipated to be a substantial capital investment over the next three years. This investment will be directed towards projects such as the development of Vande Bharat trains, freight wagons, electric locomotives, and more.

Recovery is also expected in private capital expenditure, primarily driven by the mining and industrial sectors. This resurgence in investment is likely to have a positive impact on the stock’s performance, analysts said. It is predicted that exports will witness a growth trajectory after FY25E, aided by an increase in localisation efforts.

The company has outlined plans to allocate Rs 600 crore for the setting up of a greenfield manufacturing plant specifically dedicated to the production of cylindrical roller bearings and spherical roller bearings. These bearing types have a limited presence within the company’s offerings and are primarily imported from other entities within the group for sale in India. The management anticipates that the new manufacturing plant will be operational by December 2024.

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