Transformers and Rectifiers surges 20%, hits new high on fund raising plans
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Shares of Transformers and Rectifiers (India) surged 20 per cent to hit a new high of Rs 151.4 on the BSE in Friday’s intra-day trade amid heavy volumes after the company announced fund raising plans.
In past two trading days, the stock the electrical equipment company has zoomed 27 per cent. A combined around 2.7 million equity shares changed hands on the NSE and BSE till 09:19 AM today.
In an exchange filing, TRIL said, the meeting of the board of directors of the company will be held on Tuesday, 12th September, 2023, inter alia, to consider the proposal of fund raising by way of issue of equity shares, or securities convertible into equity shares and/or secured/unsecured debentures, Optionally Convertible Debenture on Preferential Basis to the Non-Promoter Investor(s) and/or through Qualified Institutional Placement (QIP), subject to approval of the members.
Meanwhile, thus far in the financial year 2023-24 (FY24), the stock price of TRIL has more-than-doubled or zoomed 157 per cent from level of Rs 57.58.
TRIL is a leading manufacturer of transformers up to 1200 kV class. The company has a wide range of transformers include power and distribution transformers, furnace transformers, rectifier transformers & special transformers.
The company has vision to become largest manufacturer of Transformers for Green Energy. It have a technical collaboration with Fuji, Japan for 400/765 kV reactors and 400 kV generator transformer.
As on July 31, 2023, TRIL had orders on hand of Rs 2,149 crore. The company said it has participated in 2-3 export tenders during the quarter through its overseas associates and expect favorable outcome in Q2FY24.
The company has also participated under bidding process of state utilities, central utilities, EPC’s, Private, TBCB tenders etc. for more than Rs 3,700 crore during the June quarter.
On outlook for FY24, TRIL said globally, the demand of transformers has increased manifolds; major buyers such as Europe, USA are in short supply by 2-3 years. Big opportunity is coming in Ukraine for Indian companies like TRIL who has the potential of meeting immediate demand of the country, it said.
The company further said the expansion of hydrogen energy capacity in the world brings huge opportunity for TRIL as it is one of the few companies who have the expertise to manufacture transformers. Transformers for green energy are the next generation products of TRIL.
In the Indian market, it is optimistic on the growth potential due to increase in demand on account of uptick in the capex cycle & government policies. The company sees a lot of demand coming in from railways. With higher roll out of fast speed trains, Metro’s, TRIL is at an advantageous position to contribute to the demand.
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