According to sources reported by CNBC-TV18, Lloyds Engineering Works Ltd. promoter group has likely sold 9% of its stake via block deal on Monday, February 9. As many as ₹10.57 crore shares, representing 9.1% equity of the company, worth ₹550 crore changed hands in the block deals. Triveni Earth Movers has likely purchased the 9% stake in the transaction.
Shares of Lloyds Engineering gained 6.2% to hit an intraday high of ₹54.39 in trade on Monday, as reported by CNBC-TV18. The stock was up 5% at ₹53.79 apiece around 10:35 am. However, the stock has declined 17% in the past year.
According to data available on stock exchanges, as reported by CNBC-TV18, at the end of the December quarter, promoter Lloyds Enterprises Ltd. held 33.19% stake in the company. Meanwhile, promoter groups Lloyds Metals and Minerals Trading LLP and Aeon Trading LLP held 8.02% stake each in the firm.
The company reported its third quarter earnings last week, as reported by CNBC-TV18. Lloyds Engineering's net profit increased 69.5% to ₹61 crore in the third quarter from ₹36 crore in the third quarter of the previous year. Revenue increased 2.3% to ₹272.4 crore. The company's earnings before interest, tax, depreciation and amortisation (EBITDA) increased 20% to ₹52.9 crore from the previous year, while its margin expanded to 19.4% from 16.6% in the year-ago period.
