Shares of Triveni Turbine rose 10% in intraday trade on Tuesday to hit a new high of Rs 329.95 on the BSE on a strong business outlook.

The stock surpassed the previous high of Rs 312.70 on February 22, 2023. In contrast, the S&P BSE Sensex was down 0.5% at 59,009 at 1:56 pm. The average transaction volume over the counter has nearly tripled so far. A total of 10.14 million shares changed hands on the NSE and BSE, representing 3.2% of the company’s total share capital.

Given the strong order book and inquiry pipeline, management expects revenue growth of around 20% and pre-tax profit of about 20-21% over the next 2-3 years.

At the same time, the stock will be included in the FTSE Global Small Cap Index from March 20, 2023.

Triveni Turbine is mainly engaged in the manufacture of steam turbines up to 100 MW. It is a major player in industrial steam turbines up to 30 MW in India and one of the leading manufacturers of industrial steam turbines >5 to 30 MW globally.

In Q3FY23, Triveni Turbine’s order intake hit a record high of Rs 420 crore, leading to a total order intake of Rs 1,139 crore in September FY23, up 26.5% compared to the same period last year. The increase was only marginally lower than the order book for the entire FY22.

With its solid performance across geographies and business units, the company’s closed order book stood at Rs 1,232 crore as of December 31, 2022, a year-on-year increase of 33%, which puts it in a highly favourable position for next year, the company’s management said.

Management’s high focus on inquiry generation and aggressive coverage plans in domestic and international markets is expected to translate into substantial opportunities soon.