Triveni Turbine rises 5%, hits 52-week high on fixing record date for share buyback

Shares of Triveni Turbine rallied nearly 5% to hit a 52-week high at Rs 308.45 in Wednesday’s intraday trade on BSE after the steam turbine manufacturer fixed the record date for proposed share buyback via a tender offer.

"The company has fixed Friday, December 23, 2022, as the record date for the purpose of determining the entitlement and the names of the holders of the equity shares who shall be eligible to participate in the buyback," Triveni Turbine said in a BSE filing.

The board of directors of the company, at its meeting held on November 2, 2022, had approved a proposal of the buyback of fully paid-up equity shares of the company through the tender offer route, at a price of Rs 350 per equity share for an aggregate amount not exceeding Rs 190 crore.

At 11.30 am, the scrip was trading 3.4% higher at Rs 304.5 over its last day’s closing price of Rs 294.6 per share. The stock has also surged nearly 95% in the last six months, while it has risen about 60% year-to-date.

As per Trendlyne data, the highest target price for the stock goes up to Rs 333 while the average target price estimate of Rs 306 suggests an upside potential of 4% from the current levels. All the five analysts covering the stock have a strong buy rating on the stock.

Triveni Turbine has core competency in the area of steam turbine manufacturing. It caters to varied and diverse industries like Biomass IPP, Municipal Solid Waste IPP, District Heating, Palm Oil etc.

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