Shares of Triveni Engineering and Industries zoomed 15.5 per cent to Rs 82 apiece on the BSE on Tuesday after the company on Monday approved to buyback 6.1 million equity shares at Rs 105 per share. Besides, it reported an over 150 per cent year-on-year jump in June quarter standlone net profit at Rs 80.40 crore.

"The Board approved the buyback of fully paid up equity shares of face value of Re 1 each, not exceeding 61,90,000 equity shares, representing 2.5 per cent of the total paid-up equity share capital of the Company as on March 31, 2020, at a price of Rs 105 per equity share payable in cash for an aggregate amount not exceeding Rs 64,99,50,000," the company said in a exchange filing. READ HERE

"The Buyback will be on a proportionate basis from the shareholders of the Company, through the 'Tender Offer' route using mechanism for acquisition of shares through stock exchange," it added.

On the results front, the company's standalone net profit came in at Rs 80.40 crore, soaring 150.23 per cent from a profit of Rs 32.13 crore logged in the year-ago quarter. It's pre-tax profit stood at Rs 123.83 crore, up from Rs 45 crore reported in the year-ago quarter. It's revenue from operations jumped to Rs 1,222.44 crore, up from just Rs 921.48 crore, in Q1FY20.

On a consolidated basis, the net profit was Rs 83.75 crore, registering a gain of 146 per cent from Rs 34.06 crore reported in Q1FY20.

"Sugar business has performed well owing to stable sugar prices and higher volume of sales by 32 per cent. The sugar revenue includes export subsidy of Rs 57.66 crore pertaining to export sales made in FY20. Subsidy of Rs 5.81 crore pertaining to export sales during the current quarter will be booked upon fulfillment of prescribed conditions," the company said in a statement.

With the operations of two distilleries, the company achieved higher Ethanol sales volume of 29 per cent. Hand sanitizer manufacturing started in April 2020 amid the outbreak of Covid-19. "During Q1FY21, Engineering Businesses performance were impacted by the lockdown due to Covid-19... The total debt of the Company as on June 30, 2020 is Rs 1,246.72 crore as against Rs 1,848.31 crore as on June 30, 2019, comprising terms loans of Rs 596.75 crore which include soft loans of Rs 467.96 crore with interest subvention / subsidized interest rate," it said in a statement.

At 10:32 am, the stock was quoting at Rs 77.75 per share, up 9.5 per cent, on the BSE as against 0.9 per cent gain in the benchmark S&P BSE Sensex.