Pennar Industries hits 52-week high on establishing plant in Rae Bareli

The uptick in stock price came after the company announced that it is expanding its manufacturing operations in the Northern part of India by establishing a new manufacturing plant at Raebareli, UP

Pennar Industries in focus: Shares of Pennar Industries were buzzing in trade on Tuesday. The stock rallied as much as 10.15 per cent to hit a fresh 52-week high of Rs 191.50 per share on Bombay Stock Exchange (BSE).

The uptick in the stock price came after the company announced that it is expanding its manufacturing operations in the Northern part of India by establishing a new PEB manufacturing plant at Raebareli, Uttar Pradesh. 

Pennar Industries, however, said that the facility is likely to come up in the second quarter of 2024. 

Spanning 16 acres with a built-up area of 12,000 square metres, the plant boasts a production capacity of 36,000 MT per annum and features advanced machinery.

“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 said.

Pennar Industries is India's leading value-added engineering products and solutions company. The company is a diversified engineering firm with presence in the Automotive, Rail & Aerospace and Infrastructure sectors. 

The Hyderabad-based company provides design/detailing, manufacturing and project execution services to its customers in India, USA and Europe. The company believes in sustainable profitability, liquid and growth. 

The primary growth verticals for the company in the next few years are Metal Buildings, Tubes, Boilers and Process Equipment, Hydraulics and Industrial Components and Engineering Services. 

Pennar Industries operates with 13 manufacturing plants, 5 engineering offices and 42 sales offices in India, the USA and Europe. 

The market capitalisation of Pennar Industries is Rs 2,573.14 crore, according to Bombay Stock Exchange (BSE). The 52-week low of the stock is Rs 76.70 per share. 

At 12:09 PM, shares of Pennar Industries were trading 5.35 per cent higher at Rs 183.15 per share. In comparison, BSE Semsex was trading 0.03 per cent higher at 79,498.10 levels.