Timken India ABC Bearings

Thermax was seen testing the super trend line support on the monthly scale for the first time since January 2021, while Timken India after September 2019; for trading guide check key levels here.

Timken Singapore Pte, promoter of bearings-maker Timken India, on Tuesday offloaded a 6.6 per cent stake in the company for Rs 1,956 crore through open market transactions. Axis Mutual Fund (MF), Nippon India MF, UTI MF, HDFC Life Insurance, Morgan Stanley Asia Singapore, BofA Securities Europe SA, Singapore government and Monetary Authority of Singapore were among the buyers of Timken India's shares. Timken Singapore Pte offloaded a total of 50 lakh shares in 17 tranches through separate block deals on the BSE. As per the data, Timken Singapore sold 50 lakh shares, amounting to a 6.6 per cent stake in Bengaluru-based Timken India. The shares were disposed of at an average price of Rs 3,913.35 apiece, taking the deal value to Rs 1,956.67 crore. After the share sale, shareholding of Timken Singapore Pte has reduced to 51.06 per cent from 57.70 per cent in the company. On Tuesday, shares of Timken India rose 2.78 per cent to close at Rs 4,062.80 apiece on the BSE. In June last year

Timken India block deal: Till 09.34 AM, around 5.02 million shares, representing 6.6 per cent of total equity of the company, had changed hands on the BSE

The counter had seen combined traded volume of around 12 million shares in the first hour of trading amid reports of parent company to offload stake.

HONG KONG (Reuters) - The Singapore-based parent of Timken India has proposed to sell an 8.4% stake in the Indian bearings and power transmission products maker for up to $231 million on June 20, according to the term sheet of the deal, seen by Reuters.

New plant expected to boost company's revenues, margins

The company will set up new manufacturing facility at Bharuch, Gujarat to manufacture Spherical Roller Bearings (SRB), Cylindrical Roller Bearings (CRB), and other components

M&M closed with a bullish engulfing pattern on the daily chart with a jump in volumes

The BSE Sensex and the Nifty 50 stand currently 10 per cent higher from the May 2021 levels, and if positive sentiment continues, the market may repeated a similar bull run.

Going forward, Timken is expected to perform better with sustainable margins, new product launches and better performance in Indian CV & PV segment.

Timken India (Timken), having doubled it capacities in FY17 to tap growth opportunities, is paying a significant premium for acquiring ABC Bearings. On Wednesday, Timken entered into a definitive agreement to acquire ABC Bearings (ABC) in an all stock deal. The deal will see Timken issue five shares of the company for every eight shares held in ABC, to the latter's shareholders. Although Timken is paying a whopping 77.43 per cent premium to ABC's shareholders (based on Tuesday's closing prices and swap ratio), the same looks justified given that ABC's portfolio fits well into Timken's product portfolio. Also, the opportunities now existing in the bearing industry are immense, and the move will help Timken fructify its long-term growth goals.For ABC, which comparatively is a smaller entity (FY17 revenues just about a fifth of Timken's), their shareholders will now become a part of a multinational group (MNC) and a strong brand; Timken India is 75 per cent owned by US-headquartered The .

Timken India entered into definitive agreement to acquire ABC Bearings