Triveni Turbine surges after fund buying

Triveni Turbine was up 3.08% to Rs 128.85 at 10:45 IST on BSE after two foreign funds bought shares of the company via bulk deals on the BSE on Friday, 2 September 2016.

Meanwhile, the S&P BSE Sensex was up 282.05 points or 0.99% at 28,814.16.

On BSE, so far 60,000 shares were traded in the counter as against average daily volume of 1.69 lakh shares in the past one quarter. The stock hit a high of Rs 130.55 and a low of Rs 126.50 so far during the day. The stock had hit a 52-week high of Rs 135 on Friday, 2 September 2016. The stock had hit a 52-week low of Rs 87.50 on 29 February 2016. The stock had outperformed the market over the past one month till 2 September 2016, gaining 3.43% compared with Sensex's 1.97% rise. The scrip had also outperformed the market in past one quarter, surging 16.12% as against Sensex's 6.29% rise.

The mid-cap company has equity capital of Rs 33 crore. Face value per share is Rs 1.

Promoter Rati Sawhney sold 75 lakh shares of Triveni Turbine at an average price of Rs 125 per share in bulk deals on the BSE on Friday, 2 September 2016. Franklin Templeton Mutual Fund Franklin India Smaller Companies Fund bought 20.96 lakh shares. Natwest Bank Plc as Trustee of the Jupiter India Fund bought 37.60 lakh shares.

Rati Sawhney held 4.15% stake in Triveni Turbine as per the shareholding pattern as on 30 June 2016.

Triveni Turbine's consolidated net profit jumped 32.22% to Rs 26.84 crore on 29.02% growth in net sales to Rs 158.81 crore in Q1 June 2016 over Q1 June 2015.

Triveni Turbine offers steam turbine solutions for industrial captive and renewable power. The company manufactures steam turbines up to 100 MW.

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