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Pavna Industries soars on acquiring land parcel in Uttarakhand
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Pavna Industries is currently trading at Rs. 566.90, up by 15.60 points or 2.83% from its previous closing of Rs. 551.30 on the BSE.
The scrip opened at Rs. 573.95 and has touched a high and low of Rs. 574.65 and Rs. 566.35 respectively. So far 169 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 640.05 on 10-Jan-2024 and a 52 week low of Rs. 265.00 on 25-Jul-2023.
Last one week high and low of the scrip stood at Rs. 574.65 and Rs. 511.75 respectively. The current market cap of the company is Rs. 690.53 crore.
The promoters holding in the company stood at 70.44%, while Non-Institutions held 29.56% in the company.
Pavna Industries has acquired a land parcel of 4335 sq. meters at the Integrated Industrial State, Pantnagar, Uttarakhand for its upcoming greenfield plant that will primarily cater to the demand of die cast components. The company plans to utilize the logistical and cost benefits of the region to strengthen its presence in the domestic automotive sector and streamline its operations in serving Bajaj Auto, a key client. The acquisition involves leveraging supply chain synergies and minimizing overhead expenses. Pantnagar has gradually become a notable hub for the automotive industry, with prominent companies such as Bajaj Auto Limited and Ashok Leyland establishing a presence in the area.
The company as a part of its ongoing and future expansion plans is setting up the new plant, with an aim to attract business from various original equipment manufacturers (OEMs) in and around Pantnagar. This strategic move is particularly significant as the auto sector is one of the priority sectors in Uttarakhand. Expanding operational capacity not only positions the company to better serve and attract a broader range of OEMSs in the region but also enhances its market presence.
Pavna Industries along with its subsidiaries is engaged in the business of manufacturing of automotive parts, providing solutions for automobile applications and serving automobile & other applications worldwide.
