Triveni Engg gains after board OKs Rs 65 cr share buyback

Triveni Engineering & Industries rose 1.53% to Rs 76.10 after the company's board approved a proposal to buyback shares worth up to Rs 65 crore at Rs 105 each.

The company is planning to buyback upto 61,90,000 equity shares (representing 2.50% equity) at Rs 105 per equity share for an aggregate amount not exceeding Rs 64.99 crore. As on 30 June 2020, promoter held 68.35% in the company.

The disclosure was made after market hours yesterday, 17 August 2020.

Triveni Engineering & Industries' consolidated net profit surged 145.9% to Rs 83.75 crore on a 32.2% jump in net sales to Rs 1,223.81 crore in Q1 June 2020 over Q1 June 2019.

 

Triveni Engineering & Industries is a diversified manufacturing company. It is one amongst the largest integrated sugar manufacturers in India and the market leader in its engineering businesses comprising high speed gears, gearboxes, and water & wastewater treatment solutions.

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