Pennar Industries soars on incorporating wholly-owned subsidiary in India
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Pennar Industries is currently trading at Rs. 78.00, up by 1.75 points or 2.30% from its previous closing of Rs. 76.25 on the BSE.
The scrip opened at Rs. 75.81 and has touched a high and low of Rs. 78.26 and Rs. 75.81 respectively. So far 3285 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 85.98 on 18-Apr-2023 and a 52 week low of Rs. 34.65 on 27-Jun-2022.
Last one week high and low of the scrip stood at Rs. 82.50 and Rs. 75.07 respectively. The current market cap of the company is Rs. 1028.97 crore.
The promoters holding in the company stood at 39.74%, while Institutions and Non-Institutions held 4.89% and 55.37% respectively.
Pennar Industries has incorporated wholly-owned subsidiary company namely ‘Pennar Metals’ in India on June 22, 2023. The company will undertake procurement and manufacturing of steel products. Cost of acquisition is Rs 1,00,000 as share capital contribution.
Pennar Industries is one of India’s leading industrial organizations offering specialized, engineering steel solutions. The company is a multi-location, multi-product company manufacturing cold rolled steel strips & tubes, cold rolled formed sections, electrostatic precipitators, pre-engineered building systems, sheet metal components and road safety systems.
