Pennar Inds up 14%

Pennar Industries, an engineering products and service provider has grabbed attention today, with the stock showing a 6 times rise in volumes and price spurting up 14% at Rs.23 levels. Its 52-week high stands at Rs.28.95.

The stock has jumped up on the announcement it made yesterday of having received orders, along with its subsidiaries, to the tune of Rs. 102 crore. The companies received orders from L&T, HCC, Firestone TVS, Yamaha Electronics, Schindler India Pvt Ltd, UltraTech Cement, Orion Projects, Kohinoor, NSL and others.

Commenting on the development Vice Chairman and Managing Director Mr Aditya Rao said, “Pennar is pleased to announce receipt of orders worth Rs. 102 crore from such prestigious customers. PIL and its subsidiaries have improved order inflows and we are confident of beginning the next fiscal on a strong footing. Coupled with our stronger cash flow position, and our low debt levels, we are well placed to scale revenue and profitability in the next few quarters”.