Pennar Industries announces new plant in UP; stock soars to 52-week high
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Pennar Industries announced its plans to expand its manufacturing operations in northern India by establishing a new PEB manufacturing plant in Raebareli, Uttar Pradesh. Shares of Pennar Industries surged by 10.15%, reaching a new 52-week high of ₹191.50 apiece on the Bombay Stock Exchange (BSE) today.
Shares of Pennar dropped by 3.83% from 52-week high reaching ₹180.50 apiece on the BSE at 13:28 pm today. The market capitalisation of Pennar Industries is ₹2,566.03 crore.
Scheduled to be operational in the second quarter of 2024, the new facility will cover 16 acres and include a built-up area of 12,000 square metres. It will have an annual production capacity of 36,000 MT and feature advanced machinery. Pennar Industries stated that this plant will enable the company to meet client demands in northern and eastern India while reducing transportation costs.
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Pennar Industries is a provider of value-added engineering products and solutions in India, with a diversified presence in the automotive, rail & aerospace, and infrastructure sectors, the company states.
The company operates 13 manufacturing plants, 5 engineering offices, and 42 sales offices across India, the USA, and Europe. Pennar Industries recently announced a 22.58% increase in profit to ₹28.61 crore for the quarter ending March 2024, up from ₹23.34 crore in the same quarter last year. Sales rose 23.09% to ₹822.80 crore during this period, compared to ₹668.43 crore in the previous year's quarter. For the full fiscal year ending March 2024, Pennar Industries reported a 30.39% growth in profit to ₹98.34 crore, up from ₹75.42 crore in the previous fiscal year of March quarter.
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