Pennar Group secures orders worth Rs. 309 crore
Pennar Group acquired orders amounting to Rs. 309 crore across its business verticals and its subsidiary Pennar Engineered Building Systems (PEBS Pennar).
Pennar Industries Limited (PIL), the Group’s flagship company, secured multiple orders to the tune of Rs. 124 crore across its business verticals. The railways segment got orders from entities like Integrated Coach Factory and Modern Coach Factory. The hydraulics and industrial components segment bagged orders from customers like Emerson, Endurance and Firestone, while the solar and building components division secured orders from L&T, PES Engineers, IFB, LG Balakrishnan, Wahi Sons, Bimetal Bearings, etc.
Moreover, PEBS Pennar and a PIL subsidiary landed orders aggregating to Rs. 125 crore owing to a substantial upsurge in demand for pre-engineered warehouses, hi-rise buildings, factory buildings and structural steel works. The customers for the order in question include Natco Pharma, Baranagar Jute, Allcargo Logistics, Phoenix, Renaissance Infra, Lakshmi Automotive and Gemini Edibles. The acquisition of the recent orders brings up the total order book of PEBS Pennar to Rs. 480 crore.
Furthermore, Pennar Enviro landed orders worth Rs. 60 crore for the designing and supply of water treatment plants from Reliance, JSW as well as an upcoming greenfield project from a cement giant.
The aforementioned developments make it evident that the company is experiencing good traction across both its business verticals and its subsidiaries. The orders were acquired from both existing customers as well as new customers who are prominent leaders in their concerned businesses. As a result, the management anticipates steady order inflow in the near future.
On Wednesday, the shares of PIL opened at Rs. 36.65, and hit a high and low of Rs. 37.35 and Rs. 36.30, respectively. At 2:08 pm, the stock was trading at Rs. 36.90, which is the same as the previous day’s closing price.
Similarly, on Wednesday, the shares of PEBS Pennar opened at Rs. 59.50, and hit a high and low of Rs. 62.00 and Rs. 59.00, respectively. At 2:12 pm, the stock was trading at Rs. 59.95, down 2.20 per cent.