Triveni Turbines Ltd - High Quality Engineering Play?

We visited Triveni Turbines factory in Peenya, Bangalore and came away impressed.This is one of the cleanest hi-tech automated manufacturing facilities that we have visited and houses some of the most sophisticated 5-Axis CNC machines for manufacturing high-precision turbine blades and rotor shafts. Integrated CAD/CAM and Advanced Data acquisition S/w used in seamless manufacturing and testing.

Triveni Turbines Limited listed on BSE in Oct 2011, consequent to Triveni Engineering Ltd. demerging its Turbine business. Triveni Turbines is the market leader in the 0-30 MW Industrial Steam Turbines in India with over 40% market share and had grown to touch a Topline of over 600 Cr in FY11 and needed a separate focus. The company sees significant potential in the Steam Turbines business and has entered into a JV with GE for manufacturing higher-end 30-100 MW Turbines.

The modern Steel & Glass Corporate office building looked impressive. we were amazed to learn this was constructed ~30 years back. Seemed like a Management with foresight - investing in state-of-the-art machinery for the last 5-6 years, managing to utilise the capacity well, getting GE as a technology partner in the JV, the infrastructure in place that we witnessed - all seemed to point to a progressive Management!

Salient Points:

  • )- 0-30 MW Steam Turbines Annual market size of 1500 Cr in India. With over 600 Cr in Annual sales, TTL has a dominant position with over 40% market share in India
  • )- Over 2500 installations in over 30 countries. Exports segment contributes 20-25%
  • -Competitors - Siemens, a Japanese player Shin Nippon, and a couple of Chinese players
  • -Additional 30-MW Steam Turbines market estimated to be ~1500 Cr market in India opens up for TTL with JV with GE. TTL will be manufacturing these turbines and has the marketing rights for India, while GE has the marketing rights for developed markets
  • -Totally 12 orders in 30-100 MW Turbines were booked in India in FY12. TTL has booked 2 of these orders, which will get commissioned in FY13 and establish the JV credentials
  • -9m FY12 TTL has delivered 490 Cr in Sales, with an EBITDA of 112 Cr, EBITDA margin of ~23%.
  • -Orderbook of 540 Cr as on January, 2012
  • -According to the company, its focus on after-market service has proven to be a decisive differentiator from competitors. After-market service segment constitutes 16% of total revenues and is higher-margin business
  • -With 5bays & 19 test beds, plant capacity is 150 turbines per year. Management indicates there is room for some 40% growth without incurring any significant further capex.
  • -TTL has a negative working capital cycle, as it receives 20% advance from all customers and maintains low inventory
  • -The company expects 5-8% growth in FY12 and over 15% growth for FY13.

At CMP 43, TTL quotes ~16x estimated FY12 earnings.

Views Invited.


Hi Donald,

I am still confused with the market share of triveni Turbine as already so many players exist in indian maket like 1.Alstom-Bhart Forge 2.Toshiba-JSW 3. MHI 4.Siemens

Now regarding the market size its look like its very large ,as i was googling and find like many orders have been given to above listed companies.

I am attaching few links which hope to get clear picture

some orders where given to BGR to for supply of steam turbines.



Thanks Vishal,

Turbine Manufacturers are few. TTL claims over 75% market share in 0-15 MW Steam Turbines. 15 -30 MW they have competition from Shri Nippon, and some chinese players. 30MW-100 MW BHEL and a few others.

Please read the company AR and Investor Presentation, which are very informative.

While digging into market information, we need to check the Turbine capacity 0-30 MW, and 30-100 MW are entirely different segments. Many orders may be picked up by EPC contractors and passed on to the Turbine manufacturers, and some may be ordered directly on the Turbine manufacturers.

Hi Donald,

I was going through the AR and found that company has two manufacturing facilities in bangalore and noida with total installed capacity of 150 turbines,

Now i am confused whether we should call it 150*30=4500MW or we should tell 150 turbines. if i am not wrong the size of turbines vary as per MW.

Secondly company has formed JV with GE for 30-100MW turbines ,whether this will be manufacured in TTL manufacture location despite of marketed for domestic or international market.

Thirdly it will be really helpful if we get the information about the breakup sectors contribution for 1500 Cr domestic market.



Hi Vishal

Turbine sizes vary. The capacity is 150 Turbines of varying capacity ranging from 0-100 MW.

TTL will be maufacturing the 30-100 MW Turbines which the JV books. They are not requiring to set up additional capacities for the same, as the existing capacity can handle that. Please go through the Concall and Investor presentation for details.


Hi Excel bhai,

We already have thread with some basics build, hope this helps

Regards, Vishal

Thanks Vishal


If you like Triveni Turbines, why not have a look at Triveni Engg?

Q3/Fy-13 Results out…

Total Income up 19.9% to 175.12 Cr from 146.06 Cr.
EBIDTA up 36.2% to 47.82 Cr from 35.12 Cr.
Net Profit up 48.2% to 30.52 Cr from 20.59 Cr.

EBIDTA margin is 27.3% v/s 24.7% (SQ-12) and 24% (DQ-11)
NET Pr margin is 17.4% v/s 15.6% (SQ-12) and 14.1% (DQ-11)

Total Raw material costs as a %ge to Income is 58.8% v/s 58.6% (SQ-12) and 60.5% (DQ-11)
Employee costs to Income is 6.9% v/s 9.5% (SQ-12) and 7.4% (DQ-11)
Other expenses to Income is 7% v/s 7.1% (SQ-12) and 8.1% (DQ-11)

Financial costs to EBIT is 1.1% v/s 2% (SQ-12) and 6.4% (DQ-11)

Tax Rate 32.8% v/s 32.3% (SQ-12) and 32.5% (DQ-11)

9M/Fy-13 v/s 9M/Fy-12:
Total Income down 5% to 466.27 Cr from 489.12 Cr (Fy/11-12: 631.88 Cr)
EBIDTA up 8.8% to 121.15 Cr from 111.3 Cr (Fy/11-12: 151.44 Cr)
Net Pr up 15% to 76.04 Cr from 66.15 Cr (Fy/11-12: 91.08 Cr)

Reported 9-month EPS 2.3 v/s 2 (Fy/11-12: 2.75)

At 03:10 pm on 11/01/2013, stock on BSE trading flat at Rs. 60.50/-


Confident of closing the fiscal with single digit topline growth

Triveni Turbines held a conference call on Jan 14, 2013. In the conference call the company was represented by Dhruv Sawhney, CMD and Nikhil Sawhney, JMD.

Key takeaways of conference call

  • Sales for the quarter ended Dec 2012 was higher by 20% to Rs 175.1 crore and with EBITDA margin stand increase by 370 bps to 28% the EBITDA was higher by 38% to Rs 49 crore. Eventually the PAT was higher by 48% to Rs 30.5 crore with PAT margin increasing by 330 bps to 17.4%. The switch in product sales skewed towards higher export mix coupled with the increase in aftermarket enabled the company to show a strong improvement in operating margin.
  • Of total Q2FY13 revenue about 71% is from domestic market and 29% from export market. For the nine months ended Dec 2012 it was 73% from domestic and 27% from exports. Similarly the mix of products and after market has improved significantly to 82:18 compared to 84:16 in 9mFY12. The products and aftermarket mix at the end of H1FY13 was 80:20 and it was 84:16 in Q1FY13.
  • Order backlog (excluding slow moving orders) as end of Dec 31, 2012 stood at Rs 516 crore. Of which 25% is exports and 75% is domestic. Order intake in Q3FY13 was over Rs 100 crore. The company expects the order booking in Q4FY13 to be higher given the fourth quarter is traditional a best one. Slow-moving orders excluded were worth Rs 40 crore.
  • Delivery cycle in export market is very short with higher book & bill type.
  • Market is competitive in domestic as well as international market with orders pre-dominantly coming from renewable segment. Enquiry base is still about 3500 MW in both domestic and international markets, but order finalization is getting delayed. Normally in domestic market, a finalization to the tune of 30% will happen by end of the fiscal.
  • India being an emerging country aiming for reasonable growth in economy, the slowdown may not continue for long and with some policy actions by the Government, the markets may revive in FY 14.
  • In below 60MW segment the company has a market share of 60% and Siemens about 35%. The balance is with other small players.
  • The company over the past few quarters has been expanding its market reach by addressing certain markets in a focused manner and building strong enquiry books from these markets. The growth in enquiry book vis-a-vis FY 12, gives the company the confidence in achieving a strong growth from the export market in FY 14. Further, significant commissioning references arising from exports during this year has resulted in better customer confidence which will help the company to market its products in those markets more effectively going forward. The company is chalking out plans and allocating more resources to better penetrate export markets both in terms of segments and geographies.
  • GE Triveni’s recent order for 2X40 MW turbines placed by Thermax (for NMDC) is worth about Rs 40 crore. The manufacturing value captured by TTL out of a JV order will typically be 45-50% and thus the company’s share of this order will be Rs 18-20 crore.
  • The share of spares and parts to topline will rise progressively with higher turbine population. With the increased thrust on export market, the company has made its foray into the aftermarket in the export market also. This is expected to be a growing segment in the overall export portfolio of the company. The improved mix of after-market in the total sales will also enable it to record good margins going forward.
  • Based on the ongoing works on the shop-floor and despatches the company is confident of achieving a single digit growth in turnover for current fiscal with expanded margins. For 9mFY13 the topline was lower by 5%.

Source: Capital Market

conference call the company was represented by Dhruv M. Sawhney, CM & MD, Nikhil Sawhney, Vice Chairman & MD and Arun Motto, ED of the company.

Key takeaways of the conference call by Capital Mkt;

Outstanding order book as end of Dec 2013 is Rs 520 crore of which 55% is from domestic market, 40% exports and 10% after sales. Order Intake for the quarter ended Dec 2013 is Rs 175 crore comp product 98 ex 66 crore domestic.

The macroeconomic factors - economic slowdown, currency depreciation, lower credit etc., both domestically and in the addressable markets globally still continue, which has impacted both the order booking and revenue in Q3FY14. The aftermarket business has also been affected, though to a lesser extent.

Order finalization of small turbines (below 30 MW) in the overall domestic market in Q3FY14 is strong at 220 MW compared to 263 MW in entire H1FY14. Moreover the order finalization in Q3FY14 is higher than corresponding previous numbers. For the company as well, many enquiries which were under pipeline for a while got concluded during OctâDec 2013 period resulting in significant order intake in Q3FY14. The product order intake exceeded the H1 figures by over 25%.

The enquiry books for both domestic and overseas markets though remain strong, delays in order finalization as well as delay in taking deliveries by customers are some of the challenges being faced. The company continued its focus on export markets and during the last nine months, established customer contacts in many more countries and built a strong enquiry book. The company expects, in the coming quarters, many of these enquiries could be converted into orders.

The enquiry book for the domestic market still remain strong and at more or less same levels of the previous year. However the order finalizations are getting delayed / postponed on account of the lack of visibility on the overall economic front. Domestic sluggishness in order finalization is expected to continue till a quarter after general election.

The overall order booking in after-market business for the current nine month period has been better than previous period, similar to product order finalization. But the company has been experiencing some amount of delays / deferment of finalization of orders for this business as well. The company expects good order inflow from both spares and refurbishment business in Q4FY14 and is expanding its reach in these sectors to help this business grow significantly in the coming years.

The company expects to carry a healthy order book for FY15 on the back of strong order intake in Q3FY14 and reasonable visibility of order finalization in Q4FY14.

The company expects the revenue and profitability is expected to decline over FY2013 levels. However the company expects a growth in turnover and bottom-line in FY15 on year on year basis.

Not expecting much of improvement in FY15 in case of domestic market. The growth in FY15 will be driven largely by execution of orders picked up in H2FY14 and after-market sales.

GE Triveni (GETL), the JV of the company with GE has bagged its first international order for supply of 38 MW steam turbine to a SE Asian customers during Q3FY14 in addition to two domestic orders bagged earlier in the current fiscal. Further, the JV is in the final stages of receiving several more orders, some of which are for even higher capacities, from both the domestic and international markets.

GETL is confident that these orders will be concluded by the year end. It expects one domestic order and one in international market to get finalized in next 2 months.

Having successfully commissioned its first turbine, and having five turbines for execution in the domestic and international market, GETL is well positioned to get more orders from both the domestic and international markets.

Of the GE JV order book typically upwards of 50-60% will not be part of the TTL's order book as the company is doing only manufacturing.

For YTD the order intake is Rs 301 crore with exports accounting about Rs 125 crore and Rs 176 crore from domestic market.

Now approaches 71 countries with already have Exports to 50 countries and now approached 20 more countries.

The share of after-market to the total revenue is 21% as against 18% during the same period last year.

On the back of challenging domestic market, the customers refrain from taking delivery on time and delaying it by a month or two. The company currently has delivery of about 5 turbines delayed. The finished goods inventory on account of delay is Rs 22 crore.

The company received some export orders from Indian EPC companies. While this order facilitate the company to expand its presence in the International market, it will carry domestic market margins as its placed through reputed domestic EPC players.

Company was represented by Dhruv M. Sawhney, Chairman and Managing Director of the company.

Key takeaways of the conference call by Capital Mkt;

The standalone carry forward order book including refurbishment orders was Rs 600 crore. And the consolidated order book as end of Sep 2014 stood at 770 crore. Standalone Order book excluding aftermarkets as end of Sep 2014 stood at Rs 550 crore.Order intake in H1FY15 was up 47% to Rs 290 crore and of which aftermarket/refurbishment orders were about Rs 61 crore. And the balance is product orders and of which domestic orders was Rs 90 crore and balance are export orders.

After witnessing decline in 2011-13, the domestic market for turbines upto 30 MW has shown a marginal increase in FY14. While the overall domestic market still remain more or less at the same level as last year, there has been an increase in new enquiries and the customers are restarting the discussions on many enquiries, which are expected to start finalizing from Q4FY15 onwards.In domestic market the company could improve its market share as the order finalized in Q2FY15 has been significantly higher than the corresponding period of last year. The company believes the coming quarters will see policy initiatives which in turn should result in fresh investment in infrastructure and other industrial segments. This should eventually lead to new enquiries and order finalization.

Overall the outlook in the export market is quite robust and the company expects a strong order booking in the coming quarters from the export market so as to have a significantly higher export order booking for FY15. The focus of the company on the export market and spreading its geographic reach is also gaining momentum and is driving export order booking. H1FY15 export booking is higher than the last full year’s export order intake. In 0-30 mw range the company gets enquiries from over 100 countries and have installations over 50 countries.

The order intake in the high margin after-market business has also shown an improvement during the quarter with an order inflow of Rs 38 crore, which the company believe will help it in achieving a good growth in the aftermarket business for the year as a whole.Currently the export component in after sales revenue is not significant and the company is trying to address this by opening up service centre overseas. The company is to open service centre i.e. Central America, Europe, Middle East and South East Asia to expand the after-market revenue stream.

Given robust order book the company believes that it should achieve significant growth in turnover on both standalone and consolidated basis during FY 15.In Q2FY15 despatches of Rs 123 crore the share of products was Rs 90 crore and aftermarket sales was Rs 28 crore. (It’s 70:30 in favour of domestic:exports)Since yen has gone up the company is effectively compete with Japanese players who are the other competitors apart from Siemens in global market for the company.

The domestic market for 0-30 MW range of turbines in 2013-14 I was about 700 MW and the company expect the market to remain same or flat for current fiscal as well. The company has 65% market share in FY14 and in H1FY15 the market share of the company was about 70%.The order inflow in the JV for the quarter and half year has also been good with the business booking one more international order during Q2FY15 taking the overall order book to Rs 240 crore. With a strong order backlog, the year under review should help the JV to achieve a significant turnover, which is expected in the second half of the financial year. GE JV has turnaround in H1FY15 vs. H1FY14.The margin is expected to sustain going forward.In H1FY15 the aftermarket sales grew by 35% and its share to total sales increased from 23% to 26%. Similarly the Export sales were up by 22% and its proportion to total sales up marginally to 32% from 31%.Forex gain is about Rs 3 crore in H1FY15.Of the total order book about 60% is now exports and balance 40% domestic.

Co rep by Dhruv M Sawhney, CMD of the Co.Key takeaways of Con call by Capital Mkt

Order booking (including aftermarket orders) during FY2015 stood at Rs 646 crore. Of which aftermarket order booking amounts Rs 144 crore. The product order intake in FY2015 was about Rs 503 crore (up 10%). While the export order intake stand at Rs 293 crore (up 100%) balance are domestic orders.Standalone order backlog (including aftermarket orders) as Mar 31, 2015 stood at Rs 603 crore with that of consolidated order backlog was Rs 747 crore.
On an increased turnover the mix between product and after-market in turnover has improved from 21% in FY14 to 23% in FY15.
The domestic market for turbines upto 30 MW remained subdued for the third successive year with an overall market being around 700 MW. The major demand segments were also similar to that of previous years namely sugar & other process co-generation especially paper and chemical segment. Even though economic activities are gaining momentum with improved sentiments and certain policy initiatives, the actual situation on the ground is yet to be visible in terms of order booking etc., and the company believes that it will take some more time to achieve that. Meanwhile, the business is witnessing an increase in new enquiries and the customers are in the process of evaluation of their capex plan, which should culminate in order booking in the later part of FY2015-16. If not happen in H2FY16 there will be strong order inflow in H1FY17.
In spite of tough market situation and competition getting aggressive, the company maintained its market share at around last year’s level of 63%.The Company believes that its export business going forward will significantly contribute to its overall growth given its initiative to internalize its business yielding fruits with enquiries from over 100 countries. The current trends in export order booking for product and services is also in the right direction to achieve the same.
The company’s international order booking in FY2015 was primarily from biomass and other renewable sources, which once executed, will help the company to demonstrate references in many new geographies in future.The company has built up competence with value engineering despite depreciation in yen.
As the company has built-up expertise in servicing and refurbishing others players product as well there is enormous opportunity to tap. Thus the company expects strong traction in aftermarket business both in domestic and international markets.

CONFERENCE CALL - from Capital Market

Triveni Turbines

Will maintain last fiscal EBITDA margin in FY16 as well

Triveni Turbines hosted a conference call on January 20, 2016 to discuss its performance for the quarter and nine month ended December 2015.

Key takeaways of the call are:

Order booking in 9mFY16 increased by 26% to Rs 580 crore with product order intake being Rs 457 crore (up 31%) and after market order booking stand at Rs 124.5 crore (up 9%). Of the order intake about 72% is exports compared to 50% in corresponding previous period.

Carry forward order book as end of Dec 2015 is Rs 685 crore with product order book being Rs 614.9 crore and that of after-market order book was Rs 70.2 crore. Of the order backlog about 58% are exports and balance 42% is domestic. Consolidated order book as end of Dec 2015 was Rs 780 crore. Standalone order book of GETL was 140 crore.

Order finalization in domestic market during Q2FY16 and Q3FY16 were much lower compared to Q1FY16, which witnessed strong order finalization. But on year on year comparison the order finalization in domestic market in 9mFY16 was more or less remained at same level as of last year at around 450 MW.

The orders finalized in domestic market during the year so far were primarily from the sugar & agro based industries segments apart from some specific process co-generation enquiries. Even though economic activities are gaining momentum with improved sentiments and certain policy initiatives, the order booking is yet to gain momentum, and the company believes that increased domestic demand for steam turbines will start from mid FY17.

Order intake from international market was good in 9M FY16. The company has already achieved a growth of 25% in export order intake during the nine months period in comparison to last full year. Given strong pipeline of enquiries from various geographies across the globe, the company believes the order intake for Q4FY16 also to be good even though sustaining the same rate of growth may be tough. The company’s efforts on exports continue and efforts are underway to set up offices, and post sales & service personnel in select geographies. The company will be opening up two more offices in Southern Africa and SE Asia.

EBITDA margin for Q3FY16 stood at 22.6% compared to 25.5% in corresponding previous period and this was largely due to the company accounting entire CSR expenses in Q3FY16 rather than spread it out evenly over the two quarter of H2FY16. Significant part of incremental portion of other expenses for Q3FY16 is towards CSR expenses and marketing expenses (related to opening of new overseas offices). In addition the company has seen Rs 15 crore of exports after sales revenue shift to Q4FH16 (next quarter). Similarly significant products export revenue has also shifted to next quarter and will be reflected in this quarter. All these factors combined to hurt the margin for Q3FY16.

The company expects the consolidated EBIDTA margin for FY16 to remain flat at the level of FY15.

New plant near Bangalore with little capex will commence operation in 3 months time in June/July 2016. It will cater to larger range of turbines apart from giving productivity gains as it houses testing facilities etc.

Lot for demand for biomass projects in SE Asia and similarly Europe see strong demand for waste to energy plants


CONFERENCE CALL - from Capital Markets

FY17 Domestic order booking will be better than FY16

Triveni Turbines held a conference call on May 11, 2016. In the conference call the company was represented by Dhruv M Sawhney, Chairman and Managing Director.

Key take aways of the call

  • Consolidated order book of the company as end of March 2016 stood at Rs 802.6 crore. Consolidated order book includes the order booked by international subsidiaries of the company as well as that of GE Triveni (GETL). The standalone order book as end of March 2016 stood at Rs 664 crore, a growth of 10%.

  • Consolidated order booking for FY16 grew by 21%yoy to 837.4 crore with product order intake being Rs 657.5 crore (up 21%yoy) and after market order being 179.90 crore (up 20%yoy).

  • The domestic market upto 30 MW shown a decline of approx 20% over the previous year and that has reflected in the domestic order booking of the company.

  • Strong growth in order booking despite subdued domestic market is due higher export order bookings. Higher export order bookings is largely due to company’s expanded market reach with the company entering newer markets as well as strategy of it to cater to all the major user segments.

  • Strategy of the company to cater to all the major segments such as sugar co-generation, process co-generation, biomass, waste to energy, combined cycle etc., globally, paid off well and the exports order booking on a consolidated basis grew by 49% during FY16. The company, today, has a reach in over 50 countries in terms of order booking / installations, and has enquiries from over 100 countries.

  • Currently the exports of the company spread across various geographies Europe, turkey, SEA, South African Development region.

  • The company believes the various Government initiatives should help to turn-around the capital goods sector and the domestic market is expected to show some growth towards the second half of FY 17.

  • So domestic order booking in FY17 will be better than FY16. But with domestic market recovery expected in H2FY17 the despatches will be pushed to FY18 and the sales benefit will happen only in FY18.

  • Enquiries and order placement in case of renewable segment such as waste to energy, biomass and Combined Cycle is strong and growing in all countries, where the company is currently offering its products and services.

  • The Company secured orders from process co-generation and sugar amongst other sectors during FY 16 and already has a good pipeline of enquiries from these sectors which are expected to finalize in the coming year. Sugar sector in the country as well as globally South America, Indonesia, Vietnam has picked up this will help both TTL and GETL.

  • Capex for FY17 will be around Rs 45-50 crore.

  • The company has got refurbishment orders of non triveni turbines in one or two countries especially in Europe and South Africa. This gives good referrals going forward.

  • About 59% of orders on hand are exports.

  • Enquiry base is strong in both TTL, and GETL. GETL is currently executing order in SEA and South America.

  • The mix of consolidated aftermarket sales in terms of domestic and exports have changed from 63:37 in FY 15 to 61:39 in FY 16, which reflects the increasing acceptance of service business of the company globally.

  • To take care of international business operations, the company have set up two subsidiaries in London and Middle East, which have started operations already. Further TTL operationalized two service centres in South East Asia and Africa and is also in the process of setting up some more offices which are strategically important for growth of its products as well as aftermarket business. The company will open another 2-3 centres in SEA and Europe. These centres will supply, erect, and provide aftermarket services of company’s products. It will also undertake upgrades, refurbishment service of other manufacturer product as well.

  • Sales to Indian EPC, who in turn sell to export orders is also consider domestic. If we exclude that the drop is 15%. Cement will start picking up from H2FY17. Cement along with Food, sugar, Chemical and fertilizers will pick up in domestic market from FY18 on wards.

  • The management is looking to preservation of margin. The company is tries to cover risk by expanding territory, service offerings and mix to topline.

  • Order book of the GETL as end of March 31, 2016 stood at Rs 162 crore. The revenue of GT for FY16 was about Rs 142 crore.

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So this seems like a decent set of results, not above expection. Was holding from 99 levels and sold@108 just before results. So thinking again to enter or not?

Triveni Turbine(pros)

  1. company has zero debt
  2. healthy ROE & ROCE, which is 30% & 33.3% respectively
  3. cumulative CFO for last five years is align with the net income which mean company is generating cash from its sales
  4. self sustainable growth rate is 28.23% CAGR from last 4 years, which is greater than sales growth

triveni turbine(cons)

  1. promoter is taking 8-10% salary of profit, which is higher from the industry norm
  2. company is issuing shares to the triveni engineering & promoters are selling they stake

company is building they footprint to the foreign countries company is market leader in the domestic country 0-30MW &30-100MW.

whether triveni at this price(122) is buy? or not?


Triveni Turbine; Qty: 690,000, Deal Price: 115.00, Value: 7.94 Crores on Dec. 21st !!!

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Any idea who bought and who sold …
As can not find it in NSE block deals details