Triveni Engineering signs MoU with Rolls-Royce; share price jumps 6%

The Memorandum of Understanding is signed to explore opportunities to collaborate on programs for 4MW marine gas turbine generators (GTG) for customers in India

Triveni Engineering & Industries shares were buzzing in trade in an otherwise weak market on Thursday, February 6, 2024. The company’s shares advanced 4.8 per cent to today’s high of Rs 398.35 per share on the BSE during intraday deals on Thursday.

 

The jump in Triveni Engineering's share price follows the announcement that it has signed a Memorandum of Understanding (MoU) with Rolls-Royce Marine North America Inc. to explore opportunities to collaborate on programs for 4MW marine gas turbine generators (GTG) for customers in India. "This would include several key areas, including design, development, and manufacturing of the marine GTGs, as well as comprehensive sales and support activities," Triveni Engineering said in a release.

 

John Shade, EVP for US business development and future programs, Rolls-Royce Defence, said, "India is a key strategic growth market for Rolls-Royce, and we are confident that our industry-leading marine gas turbine generators are an ideal choice to power the Indian Navy’s future fleet.”

 

Such a partnership, Tarun Sawhney, vice chairman & managing director, Triveni Engineering & Industries, said, can not only help us bring advanced technology to power India’s naval defense requirements but also help enhance the capability of the indigenous naval defense ecosystem in the country.

 

"Building on five decades of expertise and experience in rotary engineering and engineered solutions, and riding on India’s indigenisation journey, our Defense business has emerged as a preferred supplier to the Indian Navy and Indian Coast Guard with superior technologies and capabilities. We are also setting up a new multi-modal Defense facility with large-scale infrastructure for the manufacture, integration, and testing of various naval marine equipment,” Sawhney added.

 

Triveni Engineering & Industries (TEIL) is a diversified industrial conglomerate with core competencies in sugar and engineering. The company's engineering business includes power transmission, gears, and defense, with a focus on turbo gearbox solutions. TEIL serves various industries, including oil and gas, sugar, and marine, with a range of products and services. The company’s market capitalisation stands at Rs 8,553.44 crore on the BSE, as of February 6, 2025. Triveni Engineering is a constituent of the BSE Smallcap index.

 

Triveni Engineering shares have yielded a return of 5 per cent in the last six months, and around 10.80 per cent in the last one year to its shareholders.

 

The smallcap company’s shares have a 52-week range of Rs 536 to Rs 266.15 on the BSE.

 

Triveni Engineering shares continue to trade northward on the bourses. At around 11:30 AM on Thursday, the company’s shares were quoted at Rs 390.80 per share, up 2.83 per cent from its previous close of Rs 380.05 on the BSE. In comparison, the BSE Sensex was trading 338 points or 0.43 per cent lower at around 77,932 levels.