Pennar Industries bags Rs 50-cr orders

The orders are from ABB and Volvo

Hyderabad-based, Rs 1,440-crore Pennar Industries Limited, and its pre-engineered building solutions subsidiary Pennar Engineered Building Systems Limited (PEBS Pennar), have received orders worth Rs 50 crore, which are expected to be executed between January and April 2013.

These include supply of solar-mounting structures (30-Mw) for ABB’s Mahegenco project in Dhule district of Maharashtra, an order from Volvo for its global truck technology project for the construction of a workshop for carrying out competency vehicle and final vehicle validation located at Hosakote in Karnataka, and an order from Lotus Warehousing for the construction of a 5,600-square metre warehouse building in Bangalore.

“We are winning new business and are confident of achieving our targets for the year,” Pennar Industries’ chairman, Nrupender Rao, said in a filing to the BSE on Tuesday.

The three-decade-old company currently has more than 1,000 precision-engineered products, 2,500 tools and dies and over 400 customers. At present, it has six manufacturing facilities –– three near Hyderabad and one each at Chennai, Tarapur in Maharashtra and Hosur in Tamil Nadu –– with a total capacity of 350,000 tonne a year.

Pennar Industries Limited’s scrip is currently trading at Rs 25.35 on the BSE, down 59%, over the previous close of Rs 25.50.