Venura's Trading Idea: Triveni Enggineering & Industries - Buy for 28% appreciation

Trading Idea from Ventura


Triveni is the third largest sugar producer in India with 61,000 tcd capacity at 7 locations in UP. The company has contemplated demerger of turbine business into a separate listed entity which is expected to be completed by December 2010. Turbine business has good growth potential and is likely to get listed at higher valuations than currently implied by the combined entity. Turbine Company will subsequently form 50.01:49.99 JV with GE, where Triveni will hold 50.01% stake and produce steam turbines upto 100Kw.


Ventura recommend Triveni Engineering & Industries Ltd as a trading BUY with a Price Objective of Rs 158 over a period of 6-8 months. At CMP of Rs 122.8, the stock is trading at 10.8x its estimated earnings of 11.4 for FY2011E representing a potential upside of ~28%.



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