Pennar Industries surges on inking joint venture pact with Zetwerk Manufacturing Businesses
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Pennar Industries is currently trading at Rs. 200.15, up by 6.60 points or 3.41% from its previous closing of Rs. 193.55 on the BSE.
The scrip opened at Rs. 196.65 and has touched a high and low of Rs. 200.50 and Rs. 193.05 respectively. So far 48601 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 227.70 on 06-Dec-2024 and a 52 week low of Rs. 107.00 on 14-Mar-2024.
Last one week high and low of the scrip stood at Rs. 203.30 and Rs. 190.30 respectively. The current market cap of the company is Rs. 2687.45 crore.
The promoters holding in the company stood at 39.66%, while Institutions and Non-Institutions held 6.29% and 54.05% respectively.
Pennar Industries has executed a Joint Venture Agreement with Zetwerk Manufacturing Businesses and Others on December 31, 2024 for incorporation of a Joint Venture company, by way of subscription to the Equity share capital of the Joint Venture Company.
The proposed Joint Venture company will be formed to carry on the business of manufacturing and sale of solar modules, including the development and operation of the manufacturing unit. Zetwerk Manufacturing Businesses will hold 50.1% shareholding in the proposed Joint Venture company, while Pennar Industries will be holding 45.0% and others (4.9%).
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.
