Pennar Inds hits record high after planning to expand PEB plant in UP

Pennar Industries rallied 4.46% to Rs 181.60 after the company decided to expand its manufacturing operations in the Northern part of India by establishing a new plant at Raebareli, Uttar Pradesh.

The company will establish its pre-engineered building (PEB) manufacturing plant in Northern part of India at Raebareli, Uttar Pradesh likely to come up in Q2 2024. The plant spans 16 acres and features a built-up area of 12,000 square meters. With a production capacity of 36,000 MT per annum, this facility is equipped with state-of-the-art machinery and a comprehensive setup.

Once fully operational, the plant will enable the company to meet the demands of clients in the Northern and Eastern part of India, significantly reducing transportation costs.

Pennar Industries is engaged in the manufacture of steel products, including cold rolled steel strips (CRSS) and cold formed metal profiles. It operates with 13 manufacturing plants, 5 engineering offices and 42 sales offices in India, the US and Europe.

The companys consolidated net profit jumped 22.6% to Rs 28.61 crore on 23.1% increase in net sales to Rs 822.80 crore in Q4 FY24 over Q4 FY23.

The scrip hit an all time high of Rs 191.50 in intraday today.

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