Block deal effect: Timken India stock rises over 7%, sees highest turnover

Shares of Timken India rose over 7% in early deals after 6.63% equity changed hands in a block deal today. Timken India stock gained 7.53% to Rs 4250.45 against the previous close of Rs 3952.80 on BSE. Total 50.37 lakh shares of the firm changed hands amounting to a turnover of Rs 1972.19 crore on BSE. Market cap of Timken India rose to Rs 31,471 crore. Timken India shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock has gained 33.29% in a year and risen 29.66% since the beginning of this year.

The block deal likely involved parent entity Timken Singapore selling its 6.6% stake in a block deal. The value of the stake sale in Timken India amounted to Rs 1,775 crore. Floor price of the share sale was Rs 3,550 per share, a 10.2% discount to Monday's closing price. This stake sale includes a 180-day lockup period, said reports. 

At the end of March 2024 quarter, promoter Timken Singapore owned 57.70% stake or held 4.33 crore shares in the company. 

Timken India Limited is engaged in the manufacture of bearings, gears, gearing, and driving elements. The company has one primary segment such as bearings and allied goods and services for the automotive sector and the railway industry. It is into manufacturing, distributing, and sale of anti-friction bearings primarily tapered roller bearings, other roller bearings, components, accessories, and mechanical power transmission products for the diverse customer base.