Lloyds Engineering Block Deal | Promoter group likely sells 9% stake: Sources; Stock rises to 6%

About this update from Lloyds Engineering Works Ltd

Shares of Lloyds Engineering Works Ltd. gained over 6% on Monday, February 9, after sources indicated that the promoter group likely sold about 9% stake via block deals. As many as 10.57 crore shares, or 9.1% equity of Lloyds Engineering, worth ₹550 crore changed hands in block deals on Monday. Sources told CNBC-TV18 that the company's promoter group has likely to have sold 9% of its stake via block deal. Triveni Earth Movers has likely to have bought 9% in Monday's block deal, sources added. As per data available on the stock exchanges, 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. Lloyds Engineering reported its third quarter earnings last week. The company's net profit increased 69.5% to 61 crore in the third quarter from 36 crore in the third quarter of the previous year. Its 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. Shares of Lloyds Engineering gained 6.2% to hit an intraday high of ₹54.39 in trade on Monday. The stock was up 5% at ₹53.79 apiece around 10.35 am. It has declined 17% in the past year.

View stock analysis, news, and events for Lloyds Engineering Works Ltd