Triveni Engineering tumbles 4% after promoter offloads stake

While the buyers and sellers were not known immediately, it was reported that promoter Dhruv Sawhney was likely to sell a 7.03 percent stake

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Sugar producer Triveni Engineering opened 4 percent lower on December 8 after 23.6 million shares changed hands in four bunches in the block deal window, as per Bloomberg data.

While the buyers and sellers were not known immediately, it was earlier reported that promoter Dhruv Sawhney was likely to sell a 7.03 percent stake.

At 9.30 am, the stock was quoting at Rs 280 apiece on the National Stock Exchange, down 4.73 percent. Trading volumes on the NSE at 11 million shares were 16 times higher than the 20-day average volume of 7.34 lakh shares.

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If Sawhney has offloaded a 7 percent stake, his shareholding would come down to 8 percent. As on September 2022, he had a 15.43 percent stake in the sugar firm.

Total promoter holding in the company stood at 68.26 percent for the quarter ending September 30, BSE data shows.

In market circles, the move is being seen as succession planning. Three months back, Triveni Engineering sold its entire 21.85 percent stake in Triveni Turbines for about Rs 1,600 crore.

Dhruv Sawhney’s sons Nikhil and Tarun are the managing directors of Triveni Turbines and Triveni Engineering, respectively. Both brothers have a 4-5 percent stake in each company to their name.

Dhruv Sahwney held a 7.23 percent stake in Triveni Turbine as of September end.

In Q2FY23, Triveni Engineering reported a multifold jump in its consolidated profit to Rs 1,387.76 crore on one-off gains. Its net profit stood at Rs 92.47 crore in the year-ago period.

Total income rose to Rs 1,483.33 crore in the second quarter of this fiscal from Rs 1,163.66 crore in the corresponding period of the previous year, according to a regulatory filing.