 "Triveni Engg launches premium whisky brands; stock price inches up 4%")
Shares of ethanol producer Triveni Engineering & Industries advanced 3.63 per cent to the day's high of Rs 408.90 on the NSE during intra-day deals on Wednesday. A combined nearly 4.68 lakh shares of Triveni Engineering worth an estimated Rs 18.65 crore have exchanged hands on BSE and NSE today.
The uptick in the stock price follows the news that the company has launched premium and super premium whisky brands: 'Matsya triple reserve blended whisky', and 'the crafters stamp rare artisan blended whisky', respectively in Uttar Pradesh, to enter the Indian-made foreign liquor (IMFL) market, the comapny said the regulatory filing.
Commenting on the launch, Tarun Sawhney, vice chairman and managing director of Triveni Engineering, said, "These brands are crafted to cater to the evolving tastes of India's premium whisky consumers, underscoring our commitment to quality, innovation, and standing out in the market. With the premium whisky segment growing at a five-year CAGR of 5 per cent and super premium whisky at a CAGR of 9 percent, we are well positioned to tap into this growth in Uttar Pradesh, driven by a young and discerning demographic. As per industry estimates, in terms of volume, Uttar Pradesh is the largest state for Super Premium whisky while it ranks 3rd with respect to the Premium whisky segment. To tap this market, we are also establishing a new bottling plant at our Muzaffarnagar facility for high-quality IMFL products."
Triveni Engineering & Industries (TEIL) is a diversified industrial conglomerate having core competencies in the areas of sugar, alcohol, power transmission, and water. The company holds the position of one of India's largest integrated sugar manufacturers and one of the largest ethanol manufacturers, while making significant contributions in Power Transmission and in Water & Wastewater treatment solutions. As of October 23, 2024, Triveni Engineering enjoys a market capitalisation of Rs 8,893.82 crore on the NSE. The company is a constituent of the Nifty 500 index.
Historically, Triveni Engineering has offered mixed returns to its investors. The company's shares have dropped 15 per cent in the last one month, while they appreciated nearly 14.79 per cent in the last six months and 18 per cent year-to-date. Triveni Engineering shares have a 52-week range of Rs 518 - 267.50 on the NSE.
At around 12:53 PM on Wednesday, shares of Triveni Engineering were quoted trading at Rs 407.60, up 3.37 per cent from its previous close of Rs 394.30 on the NSE.
Meanwhile, the benchmark equity indices BSE Sensex and NSE Nifty50 were also trading higher on Wednesday. The BSE Sensex was quoted trading at 80,539.55, up 318.83 points or 0.40 percent. Similarly, NSE Nifty50 was trading higher by nearly 100 points or 0.41 per cent at 24,572 levels.