Axis Securities Is Bullish On Anil Kumar Goel Stock After Breakout; Buy For TP 452-465

A diverse industrial group, Triveni Engineering & Industries Limited (TEIL) possesses core expertise in power transmission, water, sugar, and alcohol. In addition to being one of the leading manufacturers of ethanol and one of India's largest integrated sugar processors, the company has made substantial contributions to power transmission and water and wastewater treatment systems. Currently, the company runs six cogeneration power plants with a combined capacity of 104.5 MW grid-linked cogeneration spread over five sugar facilities. There are now seven sugar mills operating in the regions of western Uttar Pradesh (Khatauli, Deoband, Sabitgarh), central Uttar Pradesh (Chandanpur, Rani Nangal, and Milak Narayanpur), and eastern Uttar Pradesh (Ramkola). Triveni Engineering & Industries is a portfolio stock of ace investor Anil Kumar Goel on which the brokerage firm Axis Securities is bullish for up to 16% potential upside.

Triveni Engineering & Industries Share Price Target

Buy range: 400-392, target: 452-465, trend reversal: 368, time frame: 3-4 Weeks

"Triveni exhibited a decisive breakout above the "Cup and Handle" pattern at 400 with a strong bullish weekly candle, indicating a continuation of the medium-term uptrend. The stock broke above the weekly upper Bollinger Band, signaling a continuation of the medium-term uptrend. The stock's ability to maintain levels above key short and medium-term moving averages (20, 50, 100, and 200 days) signals a positive bias in its trajectory. The weekly Relative Strength Index (RSI) has experienced a positive crossover above its reference line, signaling a bullish bias, and has also broken above the downward sloping trendline, indicating an uptrend. Following the breakout from the Cup and handle pattern, the stock is expected to rally toward the targets set at 2385-2470," said Axis Securities in a note.

Triveni Engineering & Industries Latest News

Triveni Engineering & Industries said on Thursday, June 20, that it has acquired an additional 36.34% stake in Sir Shadi Lal Enterprises Limited (SSEL). On the same day, the company acquired 36.34% of SSEL at a price of 235 per equity share, for a total payment of 44.83 crore. After the deal was completed, Triveni had a 61.77% stake in SSEL, which is now a subsidiary of the company.

Commenting on the transaction, Mr Tarun Sawhney, Vice Chairman & Managing Director, said that "The acquisition of stake in Sir Shadi Lal Enterprises is a strategic milestone for Triveni Engineering and Industries Limited. This will further add value to Triveni's Sugar & Alcohol businesses and solidify the Company's position as one of the largest integrated sugar and alcohol producers in the country. With SSEL's proximity to two of our largest sugar units, we believe this transaction will lead to operational and logistical synergies and improved efficiencies which will benefit both the companies and key stakeholders including the farmer community."

"Triveni is currently awaiting approval from the Securities and Exchange Board of India (SEBI) for an Open offer for acquisition of up to 13,65,000 fully paid-up equity shares of face value of Rs. 10 each, representing 26% of the Voting Share Capital of Sir Shadi Lal Enterprises from its Shareholders," the company said in an exchange filing.

Disclaimer

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