Shares of Triveni Engieering and Hercules Hoists zoomed up to 20 per cent on the BSE in Monday’s intra-day trade, lifted by heavy volumes.
Hercules Hoists, for instance, was locked in the 20 per cent upper circuit band, at Rs 217.05, on the BSE. This was also the stock’s fresh 52-week high. The average trading volumes on the counter jumped over three-fold today, with a combined 1.36 million equity shares changing hands on the NSE and BSE till the time of writing of this report. There are a combined pending buy orders for 112,479 shares, exchange data shows.
Herclues Hoists is engaged in two main business segments — material handling equipment and windmill power segments.
The board of directors of Herclues Hoists is scheduled to meet on Friday, September 23, 2022 inter-alia to consider and approve a demerger proposal, and any other matter incidental thereto. Earlier, on May 26, 2022, the company’s board approved evaluating the feasibility of demerger of the manufacturing and investment activities.
On the other hand, shares of Triveni Engineering surged 14 per cent to Rs 279 on the back of over five-fold jump in trading volumes. A combined 5.35 million equity shares, representing 2.2 per cent of the total equity of the company, have changed hands on the NSE and BSE thus far in trade today.
Triveni Engineering is engaged in diversified businesses, mainly categorised into two segments – Sugar & allied businesses and Engineering business. Sugar & allied businesses primarily comprises manufacture of sugar and distillation of alcohol. Engineering business primarily comprises manufacture of high speed gears, gearboxes and providing water/waste-water treatment solutions.
The power segment is focused on all high speed and niche low speed products – supply of new equipment, after market services and retrofitment of gearboxes, catering to the requirement of power sector, defence and other industrial segments.
The Make in India policy of the Government of India has opened new avenues and opportunities for the industry, and Triveni, with its rich experience in the critical rotary machinery technology and systems engineering, along with its experience of supplying to defence and defence support organisations in the past, is poised to effectively capitalise on the same.
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