Nikhil and Dhruv Sawhney, promoters of Triveni Engineering, have purchased 17.60 Iakh shares from the open market in the last fortnight, increasing their stake in the company to 67.6 per cent. During this period, Nalanda India Fund also increased its stake from 4.47 per cent to 10 per cent, with the purchase of 1.42 crore shares from CLSA. The sugar industry has been through turbulent times in the past couple of years and the recent decision of the Allahabad High court to allow state advised price (SAP) at Rs 140 per quintal of sugarcane has come at a crucial time. Sugar prices have actually increased during the current calendar year, and this seems to have gone largely unnoticed by the market. Triveni reported sales of Rs 1,644.89 crore on a consolidated basis, earning a PAT of Rs 121.98 crore in the year ended September 2008, which amounts to a sales de-growth of 14 per cent and a PAT growth of 61 per cent.
Related posts:
