Triveni Glass Limited remained in focus on Tuesday after the company announced its plans to invest Rs 1,000 crore to set up an 840-tonne-a-day solar glass manufacturing plant. The company will set up the plant in Andhra Pradesh which is set to create around 2,000 jobs in the state.
On the news, the shares of Triveni Glass hit an upper circuit of 5 percent at Rs 22.60 levels in the early hours of Tuesday. In the past six months, the stock has shed approximately 8 percent however, on a yearly basis, the stock has logged a return of 31 -percent.
Triveni Glass Ltd is engaged in the manufacturing of laminated safety glasses for automobiles and all types of flat glasses. Further, the company has also ventured into the real-estate business with the construction and restoration of multistoried residential buildings at the old factory site.
In Q3FY23, the company reported a total revenue of Rs 1.58 Crore which jumped multi-folds compared to Rs 6.97 lakhs in the same period the year earlier. On a Quarterly basis, their revenue declined from Rs 2.59 Crore.
Their net profit in the period stood at Rs 11.36 Crore as compared to a loss of Rs 9.60 Crore. In the previous quarter, their profits stood at Rs 7.63 Crores.
The micro-cap company has a market capitalization of Rs 28 Crores. It must be noted that the promoters of the company hold only a 5.42 percent stake while the majority 88.14 percent is held by the public. However, the Life Insurance Corporation Of India holds a 3.38 percent stake.
Written by Anoushka Roy
