Shares of Triveni Engineering and Hercules Hoists soared as much as 20% in intraday trading on Monday, driven by volume. For example, the Hercules hoist is locked in the 20% capped circuit range at Rs 217.05 on the BSE. It was also a new 52-week high for the stock.

Average over-the-counter volumes have more than tripled today, with a total of 1.36 million shares changing hands on the NSE and BSE as of this writing. Exchange data showed there were 112,479 pending orders.

Hercules Hoists operates in two main business segments – Material Handling Equipment and Windmill Power. The Hercules Hoists Board of Directors is scheduled to meet on Friday, September 23, 2022, to, among other things, consider and approve the spinoff proposal and any other incidental matters.

Earlier, on May 26, 2022, the company’s board of directors approved an assessment of the feasibility of divesting manufacturing and investment activities.

On the other hand, shares of Triveni Engineering surged 14% to Rs 279 on the back of a more than fivefold increase in trading volume. A total of 5.35 million shares have been traded on the NSE and BSE to date, representing 2.2% of the company’s total share capital.

Triveni Engineering is engaged in diversified businesses, which are mainly divided into two segments: sugar and related business and engineering business. The sugar industry and related businesses mainly include sugar refining and distilling alcohol. The engineering business mainly includes manufacturing high-speed gears and gearboxes and providing water/wastewater treatment solutions.

The Power Division focuses on all high-speed and niche low-speed products – supply of new equipment, after-sales service and retrofit of gearboxes to meet the needs of the power sector, defence and other industrial sectors.

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The Government of India’s “Make in India” policy has opened up new avenues and opportunities for the industry, and Triveni, with its extensive experience in critical rotating machinery technology and systems engineering and supplying products to Indian defence and defence support organisations, is poised to be effective take advantage of this.