Shares of Timken India are buzzing on the bourses today; know why?

The stock skyrocketed over 10 per cent in the morning trade.

Timken India is currently trading at Rs 3277.40, up by 347 points or 11.85 per cent from its previous closing of Rs 2929.40 on the BSE.

The scrip opened at Rs 2956.80 and has touched a high and low of Rs 3277.40 and Rs 2956.80, respectively. The BSE group 'A' stock of face value of Rs 10 has touched a 52-week high of Rs 3465.00 and a 52-week low of Rs 1714.80.

Timken India is planning to set up a new manufacturing facility at Bharuch, Gujarat to manufacture Spherical Roller Bearings (SRB) and Cylindrical Roller Bearings (CRB) and components thereof which will enhance the manufacturing capacity of the company.

The commercial production at said manufacturing facility is expected to start in January 2025, with an investment of approximately Rs 600 crore. The company already has a manufacturing plant at Bharuch, Gujarat wherein primarily Tapered Roller Bearings (TRB) and their components are manufactured.

Timken India is primarily engaged in the manufacture, sale and export for sale of anti-friction bearings, components and related parts. The company is also engaged in import and purchase for resale and acts as a sales agent for the products manufactured by Timken Company.

The Q2FY23 top line stands at Rs 695 crore. It was 25 per cent up QOQ. In the September quarter of FY23, the operating profit margin and the net profit margin of the company stand at 19 per cent and 14 per cent. The company generated Rs 33 crore of cash in FY22.

The promoters holding in the company stood at 67.8 per cent, while institutions and non-institutions held 16.03 per cent and 16.17 per cent, respectively.