Timken India shares in news today as promoter likely to offload stake 

Shares of Timken India are in news today amid reports its parent entity Timken Singapore is planning to sell a 6.6% stake in a block deal. The value of likely stake sale in Timken India amounts to Rs 1,775 crore. Floor price of the share sale is expected to be 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. 

Shares of Timken India ended 4.46% lower at Rs 3952.80 on Monday against the previous close of Rs 4,137.20 on BSE. Total 9249 lakh shares of the firm changed hands amounting to a turnover of Rs 3.72 crore on BSE. Market cap of Timken India fell to Rs 29,732 crore. Timken India shares are trading lower than the 5 day, 10 day, but higher than the 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 25.88% in a year and risen 22.45% since the beginning of this year. In three months, the stock has gained 46%. 

On NSE, shares of Timken fell 4.60% to Rs 3950 against the previous close of Rs 4140.25. Market cap of the firm declined to Rs 29,711 crore. Total 2.61 lakh shares of the firm changed hands amounting to a turnover of Rs 104.67 crore on NSE.  

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.