Pennar Industries gains as promoters revoke pledged shares

Pennar Industries rose 2.51% to Rs 42.85 at 11:05 IST on BSE, after the company's promoter and promoter companies released their pledge shares.

The announcement was made on Saturday, 23 August 2014.

Meanwhile, the S&P BSE Sensex was up 156.65 points or 0.59% at 26,576.20

On BSE, so far 1.36 lakh shares were traded in the counter as against average daily volume of 1.44 lakh shares in the past one quarter.

The stock hit a high of Rs 42.85 and a low of Rs 41.95 so far during the day. The stock hit a 52-week high of Rs 45.65 on 3 July 2014. The stock hit a 52-week low of Rs 18.25 on 24 December 2013.

The stock had outperformed the market over the past one month till 22 August 2014, rising 5.42% compared with 1.51% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 14.36% as against Sensex's 8.39% rise.

The small-cap company has equity capital of Rs 60.24 crore. Face value per share is Rs 5.

Pennar Industries said that promoter and promoter companies have released 65 lakh pledge shares including Palguna Consultants (5 lakh shares), Growwell Constructions (5 lakh shares), Zen Trading (5 lakh shares), Lavan Technologies (5 lakh shares), Thapati Consultants (5 lakh shares) and J Rajayalakshmi (40 lakh shares). As per shareholding pattern as on 30 June 2014, promoters' had pledged 1.25 crore shares of Pennar Industries.

Pennar Industries' consolidated net profit declined 7.2% to Rs 5.81 crore on 7.5% growth in total income to Rs 285.60 crore in Q1 June 2014 over Q1 June 2013.

Pennar Industries is one of the leading engineering organizations in India, well known for its expertise in providing engineered products & services.

Powered by Capital Market - Live News