This stock is 101% above 52 week low, record date fixed for share buyback

1 min read . Updated: 13 Dec 2022, 05:14 PM IST Vipul Das

The shares of Triveni Turbine Ltd closed today at ₹296.20 apiece, up by 0.71% from the previous close of ₹294.10. (REUTERS) — The shares of Triveni Turbine Ltd closed today at ₹296.20 apiece, up by 0.71% from the previous close of ₹294.10. **(REUTERS)**

With a market valuation of ₹9,524.58 crore, Triveni Turbine Ltd. is a mid-size company that engages in the industrial industry.

With a market valuation of ₹9,524.58 crore, Triveni Turbine Ltd. is a mid-size company that engages in the industrial industry. With a commanding market share of more than 60% in India, Triveni Turbine Ltd. is one of the top manufacturers of industrial steam turbines. Over 5,000 steam turbines provided by Triveni have been deployed across 20 sectors in over 70 countries, including Europe, Africa, Central & Latin America, SE Asian and SAARC countries.

The company has said today in a stock exchange filing that “This is in furtherance of our intimation letter dated November 2, 2022, informing the Stock Exchanges about the decision of the board of directors of Triveni Turbine Limited (the “Company"), at its meeting held on November 2, 2022, having considered and approved buyback of fully paid up equity shares of the Company having a face value of INR 1/- (Indian Rupee One Only) ("Equity Shares") through the "tender offer" route, at a price of INR 350/- (Indian Rupees Three hundred fifty only) per Equity Share, payable in cash, for an aggregate amount not exceeding INR 190,00,00,000/- (Indian Rupees One Hundred Ninety Crores only), excluding expenses to be incurred for the transaction (such buyback the "Buyback). Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and Regulation 9(i) of the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended, the Company has fixed Friday , December 23,2022, as the Record Date for the purpose of determining the entitlement and the names of the holders of the Equity Shares who shall be eligible to participate in the Buyback."

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The shares of Triveni Turbine Ltd closed today at ₹296.20 apiece, up by 0.71% from the previous close of ₹294.10. The stock recorded a total volume of 279,312 shares compared to the 20-Day average volume of 597,159 shares. In the last 1 year, the stock has gained 55.94% and on a YTD basis, the stock has gained 54.75% so far in 2022. The stock had touched a 52-week-high of ₹307.60 on (09-December-2022) and a 52-week-low of ₹147.25 on (17-June-2022), indicating that at the current market price the stock is trading 101.15% above the 1 year low and 3.70% below the recent 1 year high.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).