Pennar Industries jumps after securing new orders

Pennar Industries jumped 8.66% to Rs 23.85 at 14:48 IST on BSE after the company said its subsidiaries have secured orders aggregating Rs 70 crore.

The new orders were announced during trading hours today, 13 January 2014.

Meanwhile, the S&P BSE Sensex was up 301.52 points or 1.45% at 21,060.01.

On BSE, so far 68,000 shares were traded in the counter as against average daily volume of 21,779 shares over the past one quarter.

The stock hit a high of Rs 24.30 and a low of Rs 22.05 so far during the day. The stock had hit a 52-week high of Rs 29.85 on 10 January 2013. The stock had 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 10 January 2014, surging 4.03% compared with the Sensex's 2.34% fall. The scrip had, however, underperformed the market in past one quarter, declining 4.77% as against Sensex's 2.4% rise.

The small-cap company has equity capital of Rs 61.01 crore. Face value per share is Rs 5.

Pennar Industries said that Pennar Enviro and Pennar Engineering Building Systems (PEBS Pennar), subsidiaries of the company have secured orders aggregating Rs 70 crore from NTPC, JSW, JBF, Texpin Bearings, Frontier Sales, Saraf agencies etc.

Commenting on the development, Pennar Industries Chairman, Mr. Nrupender Rao said, "Continuing orders procured by PEBS Pennar and Pennar Enviro in current market scenario speaks of technological design and project management capabilities of these companies. We are confident that these subsidiaries will continue to increase orders in the next few quarters".

Pennar Industries' consolidated net profit fell 47.3% to Rs 5.90 crore on 8.4% decline in net sales to Rs 247.47 crore in Q2 September 2013 over Q2 September 2012.

Pennar Industries is engaged in the production and marketing of specialized and engineered steel solutions.

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