Pennar Industries touches 52 week high

After announcing receipt of orders worth Rs 252 crore across its business units, Pennar Industries has touched 52-week high of Rs 58.40 on BSE.

Pennar Industries Limited provides engineering services and  products such as  Cold Rolled Steel Strips, Precision Tubes, Railway wagons / Coaches, Pre-Engineered Building Systems, Sheet Metal Components, Road Safety Systems etc.

According to a stock exchange disclosure, the Hyderabad based company has agreed to enter into an agreement to sell its stake in its subsidiary Pennar Renewables to Greenko Solar Energy. After the sale, the company's debt is expected to reduce by around Rs 101 crore. The proceeds of the transaction will be used by the company to expand its product base and addressable markets. 

Last week, the company posted a profit of Rs 10.7 crore for the first quarter ended June 30, 2017, as against a profit of Rs 7.8 crore for the corresponding quarter last year, registering a growth of 37.8 per cent on a consolidated basis. The gross revenue for the first quarter was up 35.9 per cent at Rs 460 crore as against Rs 338.4 crore for the same period last year.