Triveni Engineering and Industries’ shares gained more than 5% on January 31 after the sugar manufacturer announced that its board approved venturing into a new business of manufacturing and selling its brands in the premium Indian-Made Foreign Liquor (IMFL) segment.
Triveni Engineering’s shares hit an intraday high of Rs 345.25, 5.22% higher than its last closing price on the National Stock Exchange (NSE). The stock closed 4.31% higher at Rs 342.25.
Triveni Engineering announced in an exchange filing that it had received approval from its Board of Directors for its proposal to venture into a new business of manufacturing, marketing and selling its own brands in the premium IMFL segment as a forward integration of the distillery operations.
The company added that this would involve setting up a bottling plant in Muzaffarnagar, Uttar Pradesh and would lead to an estimated cost of Rs 25 crore, subject to receipt of necessary statutory clearances. The new plant is expected to be ready for commencement of production by the end of Q1FY25.