Triveni Turbine stock rises after firm discloses share buyback details

Triveni Turbine stock gained over 4% in an otherwise weak market today after board of the firm announced details of the Rs 190-crore share buyback. The buyback involves up to 54,28,571 fully paid-up equity shares of face value of Rs 1/- each (the "Equity Shares") of Triveni Turbine Limited (the "company") at a price of Rs 350/- per equity share through the tender offer process. The buyback of shares will start on January 17, 2023 and end on January 31, 2023.

Shares of Triveni Turbine rose 4.16% intraday to Rs 275.65 against the previous close of Rs 264.65 on BSE. Triveni Turbine stock was trading 2.85% higher at Rs 272.20 in the afternoon session. The share has been gaining for the last five sessions. Shares of Triveni Turbine are trading higher than the 5 day, 20 day, 100 day and 200 day moving averages but lower than the 50 day moving averages.

Triveni Turbine stock has gained 51% in a year and risen 4.49% this year. The stock of steam turbines manufacturer has climbed 11% in a week.

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In the current session, a total of 0.86 lakh shares of the firm changed hands amounting to a turnover of Rs 2.34 crore on BSE. Market cap of the firm rose to Rs 8,800 crore on BSE. The share hit a 52-week high of Rs 309 on December 15, 2022 and a 52 week low of Rs 146.90 on June 17, 2022.      

On November 2, 2022, the firm said, "The Board of Directors of the Company, subject to the approval of shareholders, has approved a proposal to buy back from equity shareholders of the company up to 5,428,571 equity shares at a price of Rs 350 per equity share for an aggregate amount not exceeding Rs 190 crore, through the tender offer."

The resultant shares to be bought back at the buy-back offer price shall be up to 54,28,571 equity shares, representing 1.68 percent of the equity shares in the total paid-up equity capital of the company as on March 31, 2022, it added.

Triveni Turbine has core competence in the area of designing and manufacturing up to 100 megawatt (MW) industrial steam turbines.

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