Triveni Engineering hits 52-week high on block deal in 4.1% stake

A total of 89 lakh shares, representing 4.1 percent equity stake, changed hands in the block deal window.

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Shares of Triveni Engineering and Industries hit the 52-week high of Rs 360 in morning trade on September 11 after 4.1 percent equity changed hands in a block deal.

At 9.50am, shares of Triveni Engineering were trading 3 percent up at Rs 355.65 on the BSE.

A total of 89 lakh shares, representing 4.1 percent equity stake, changed hands through the block deal window, CNBC-TV18 reported.

The price and details of the buyer/seller could not be immediately ascertained.

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Earlier, Triveni Engineering reported an 11 percent on-year increase in its net profit to Rs 66.6 crore for the quarter ending June 30.

Revenue for the company increased 5 percent to Rs 1,439 crore in the April-to-June quarter as compared with the same period a year before.

Revenue from the sugar and allied business fell marginally by 0.6 percent to Rs 1,422.11 crore in the April-to-June quarter from a year ago. Engineering revenue was up 24 percent on-year at Rs 118.13 crore in the same period.

Triveni is one of the largest integrated sugar producers in the country and among the leading players in its engineering businesses, comprising power transmission and water and wastewater treatment solutions.

Shares of the company are up 25 percent on a YRD basis, while the one-year return stands at 40 percent.

As of the quarter ended June 2023, the promoters held 60.98 percent stake in the firm.

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