Rs 100 to Rs 498: This stock turned into a multibagger in three years, hit record high today
Multibagger stock: Triveni Turbine shares climbed 8.43% to a record high of Rs 498.30 on Wednesday against Rs 459.55 in the previous session. Market cap of the firm climbed to Rs 14,671 crore.
- Feb 28, 2024,
- Updated Mar 1, 2024 10:57 AM IST
Shares of multibagger Triveni Turbine Ltd have delivered over 350% percent returns for investors in the last three years. The power equipment stock, which closed at Rs 100.5 on February 26, 2021 was trading at Rs 461 in the current session, clocking 360% returns during the period. In comparison, Sensex has risen 47.70% in three years. Triveni Turbine stock climbed 8.43% to a record high of Rs 498.30 on Wednesday against Rs 459.55 in the previous session. Earlier, the stock opened higher at Rs 465 on BSE. The power sector stock has gained 10.03% this year and risen 45% in a year.
Total 4.35 lakh shares of the firm changed hands amounting to a turnover of Rs 20.76 crore on Wednesday. Market cap of the firm climbed to Rs 14,671 crore. The stock hit a 52-week low of Rs 292.25 on March 21, 2023.
Financial services firm Motilal Oswal has maintained its target price of Rs 540 for the power equipment maker.
"The stock is currently trading at 41X/31X FY25E/26E P/E. We tweak our estimates to factor in higher costs as the company enters new markets for expanding its aftermarket presence. We roll forward our valuation to Mar’26E. We reiterate our BUY rating with a revised targte price of Rs 540. Key risks to our recommendation would come from slower-than-expected order inflow growth, lower-than-expected margins, and a slowdown in global geographies," said the brokerage.
Aditya Gaggar Director of Progressive Shares On Triveni Turbine said, "From the technical perspective, Triveni Turbine is in the primary uptrend with a higher-top-higher bottom formation. Recently, it has given a breakout from a continuation pattern known as Symmetrical Triangle formation which was confirmed with a long-term trendline breakout in RSI and an upsurge in volume as well. By supporting price activity, the trend-following indicators are placed very well. As per the triangle pattern, the technical target is Rs 575. We also cover the stock from the fundamental perspective. The positive triggers to vouch for include supporting tailwinds coupled with strong order book position, niche business, positive traction in the enquiry pipeline, increasing share of exports (to address the larger market) and surging aftermarket contribution to the overall revenues by this debt free and dividend paying entity promoted by a sound management. From a long term perspective our target price stands at Rs 520."
Brokerage Sharekhan has reiterated a price target of Rs 550 for the Triveni Turbines stock. The brokerage expects the firm to be on a high-growth trajectory, led by strong order inflows and a promising inquiry pipeline.
"We have revised our estimates for FY2025 and FY2026 to build in higher profitability our call valuation. Increasing traction in aftermarket services and exports is a healthy sign as this would also lead to better profitability. Further, climate change mandate in its key export markets will drive growth for its products. The stock trades at 29 times its FY2026E EPS, which we believe offers room for an upside, considering a strong growth prospectus and robust ROE/ROCE ratios. Hence, we retain our Buy recommendation on Triveni Turbines Ltd with a revised price target (PT) of Rs 550. said the brokerage.
Triveni Turbine shares have a beta of 0.4, indicating very low volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 60.2, signaling it's trading neither in the overbought and nor in the oversold zone. Triveni Turbine shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day 100 day, 150 day and 200 day moving averages.
In the December quarter of this fiscal, Triveni Turbine reported a 30% rise in net profit to Rs 68.30 crore against Rs 52.60 crore profit during the quarter ended December 2022.
Total income climbed to Rs 448.92 crore in Q3 of the ongoing fiscal from Rs 337.70 crore a year ago. Expenses climbed to Rs 354.06 crore in the last quarter from Rs 267.66 crore in the third quarter last fiscal.
The board of the company also declared an interim dividend of Rs 1.30 per fully paid-up equity share of face value of Re 1 each and a special dividend of Re 1 per fully paid-up equity share of the face value of Re 1 each for 2023-24, the company said.
About the company
Triveni Turbine Limited is an industrial steam turbine manufacturer. The company is primarily engaged in the business of manufacturing and supplying power generating equipment and solutions and has manufacturing facilities in Bengaluru, Karnataka. Approximately 6,000 steam turbines supplied by the company are installed across 20 industries in over 75 countries, including Europe, Africa, Central and Latin America, Southeast Asian and South Asian Association for Regional Cooperation countries.
Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making investment decisions.
Also read: Hot stocks on February 28: IREDA, Vodafone Idea, Tata Motors, YES Bank, Venus Pipes and more
Also read: Stock recommendations by analysts for February 28: Tata Communications, BEL and V-Guard
Also read: HCC shares plunge 15% in four sessions; here's what analysts say
Shares of multibagger Triveni Turbine Ltd have delivered over 350% percent returns for investors in the last three years. The power equipment stock, which closed at Rs 100.5 on February 26, 2021 was trading at Rs 461 in the current session, clocking 360% returns during the period. In comparison, Sensex has risen 47.70% in three years. Triveni Turbine stock climbed 8.43% to a record high of Rs 498.30 on Wednesday against Rs 459.55 in the previous session. Earlier, the stock opened higher at Rs 465 on BSE. The power sector stock has gained 10.03% this year and risen 45% in a year.
Total 4.35 lakh shares of the firm changed hands amounting to a turnover of Rs 20.76 crore on Wednesday. Market cap of the firm climbed to Rs 14,671 crore. The stock hit a 52-week low of Rs 292.25 on March 21, 2023.
Financial services firm Motilal Oswal has maintained its target price of Rs 540 for the power equipment maker.
"The stock is currently trading at 41X/31X FY25E/26E P/E. We tweak our estimates to factor in higher costs as the company enters new markets for expanding its aftermarket presence. We roll forward our valuation to Mar’26E. We reiterate our BUY rating with a revised targte price of Rs 540. Key risks to our recommendation would come from slower-than-expected order inflow growth, lower-than-expected margins, and a slowdown in global geographies," said the brokerage.
Aditya Gaggar Director of Progressive Shares On Triveni Turbine said, "From the technical perspective, Triveni Turbine is in the primary uptrend with a higher-top-higher bottom formation. Recently, it has given a breakout from a continuation pattern known as Symmetrical Triangle formation which was confirmed with a long-term trendline breakout in RSI and an upsurge in volume as well. By supporting price activity, the trend-following indicators are placed very well. As per the triangle pattern, the technical target is Rs 575. We also cover the stock from the fundamental perspective. The positive triggers to vouch for include supporting tailwinds coupled with strong order book position, niche business, positive traction in the enquiry pipeline, increasing share of exports (to address the larger market) and surging aftermarket contribution to the overall revenues by this debt free and dividend paying entity promoted by a sound management. From a long term perspective our target price stands at Rs 520."
Brokerage Sharekhan has reiterated a price target of Rs 550 for the Triveni Turbines stock. The brokerage expects the firm to be on a high-growth trajectory, led by strong order inflows and a promising inquiry pipeline.
"We have revised our estimates for FY2025 and FY2026 to build in higher profitability our call valuation. Increasing traction in aftermarket services and exports is a healthy sign as this would also lead to better profitability. Further, climate change mandate in its key export markets will drive growth for its products. The stock trades at 29 times its FY2026E EPS, which we believe offers room for an upside, considering a strong growth prospectus and robust ROE/ROCE ratios. Hence, we retain our Buy recommendation on Triveni Turbines Ltd with a revised price target (PT) of Rs 550. said the brokerage.
Triveni Turbine shares have a beta of 0.4, indicating very low volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 60.2, signaling it's trading neither in the overbought and nor in the oversold zone. Triveni Turbine shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day 100 day, 150 day and 200 day moving averages.
In the December quarter of this fiscal, Triveni Turbine reported a 30% rise in net profit to Rs 68.30 crore against Rs 52.60 crore profit during the quarter ended December 2022.
Total income climbed to Rs 448.92 crore in Q3 of the ongoing fiscal from Rs 337.70 crore a year ago. Expenses climbed to Rs 354.06 crore in the last quarter from Rs 267.66 crore in the third quarter last fiscal.
The board of the company also declared an interim dividend of Rs 1.30 per fully paid-up equity share of face value of Re 1 each and a special dividend of Re 1 per fully paid-up equity share of the face value of Re 1 each for 2023-24, the company said.
About the company
Triveni Turbine Limited is an industrial steam turbine manufacturer. The company is primarily engaged in the business of manufacturing and supplying power generating equipment and solutions and has manufacturing facilities in Bengaluru, Karnataka. Approximately 6,000 steam turbines supplied by the company are installed across 20 industries in over 75 countries, including Europe, Africa, Central and Latin America, Southeast Asian and South Asian Association for Regional Cooperation countries.
Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making investment decisions.
Also read: Hot stocks on February 28: IREDA, Vodafone Idea, Tata Motors, YES Bank, Venus Pipes and more
Also read: Stock recommendations by analysts for February 28: Tata Communications, BEL and V-Guard
Also read: HCC shares plunge 15% in four sessions; here's what analysts say