NEW DELHI – Triveni Turbine added 3.2 per cent in early trade on Thursday after the company said that its subsidiary Mis Triveni Turbines DMCC has inked an agreement to acquire 70 per cent equity of TSE Engineering in South Africa for 11.9 million South African rand (around Rs 6.17 crore).
Triveni Turbine’s share price climbed to a high of Rs 205.30 as against Rs 198.95 at previous close on the BSE.
"Our wholly-owned subsidiary Mis Triveni Turbines DMCC has signed an agreement for acquisition of 70 per cent equity shares of TSE Engineering Pty. Ltd. (TSE)," Triveni Turbine said in a BSE filing.
TSE, registered under the South African law, has been engaged in high-precision engineering repairs and servicing of machinery in sugar and other industrial plants in the South African Development Community region, PTI reported.
With the acquisition of these shares, TSE will become a step down subsidiary of Triveni Turbine Ltd. The acquisition will be for cash consideration of 11.9 million South African rand, and is expected to be completed by March 31, 2022, the report said.
The company had posted a nearly 30 per cent rise in its consolidated net profit at Rs 35.67 crore in the December quarter, mainly on the back of higher revenues.
It had reported a consolidated net profit of Rs 27.54 crore in the quarter ended December 2020.
Total income rose to Rs 233.52 crore in the quarter, up from Rs 178.97 crore in the same period a year ago.
Triveni Turbine’s share price climbed to a high of Rs 205.30 as against Rs 198.95 at previous close on the BSE.
"Our wholly-owned subsidiary Mis Triveni Turbines DMCC has signed an agreement for acquisition of 70 per cent equity shares of TSE Engineering Pty. Ltd. (TSE)," Triveni Turbine said in a BSE filing.
TSE, registered under the South African law, has been engaged in high-precision engineering repairs and servicing of machinery in sugar and other industrial plants in the South African Development Community region, PTI reported.
With the acquisition of these shares, TSE will become a step down subsidiary of Triveni Turbine Ltd. The acquisition will be for cash consideration of 11.9 million South African rand, and is expected to be completed by March 31, 2022, the report said.
The company had posted a nearly 30 per cent rise in its consolidated net profit at Rs 35.67 crore in the December quarter, mainly on the back of higher revenues.
It had reported a consolidated net profit of Rs 27.54 crore in the quarter ended December 2020.
Total income rose to Rs 233.52 crore in the quarter, up from Rs 178.97 crore in the same period a year ago.
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