Pennar Industries Ltd Share Price – NSE  /  BSE

Steel, Small Cap

Net profit of Pennar Industries rose 19.03% to Rs 25.39 crore in the quarter ended December 2023 as against Rs 21.33 crore during the previous quarter ended December 2022. Sales rose 7.59% to Rs 744.75 crore in the quarter ended December 2023 as against Rs 692.22 crore during the previous quarter ended December 2022.

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Pennar Industries will hold a meeting of the Board of Directors of the Company on 9 February 2024.

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Shares of Pennar Industries surged 14.55% in three trading sessions from its recent closing low of Rs 113 on 17 November 2023.

The stock hit 52-week high of Rs 132 in intraday today. The counter has soared 158.9% from its 52-week low of Rs 50 hit on 23 December 2022.

On the BSE, 4.14 lakh shares were traded in the counter so far compared with average daily volumes of 2.27 lakh shares in the past two weeks.

The scrip had outperformed the market in past one month, advancing 10.97% as against 0.97% increase in Sensex.

The scrip outperformed the market in past one quarter, jumping 22.13% as against Sensex's 1.25% rise.

The counter had outperformed the market in past one year, surging 90.93% as against Sensex's 7.51% jump.

On the technical front, the stock's daily RSI (relative strength index) stood at 72.934. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50 day, 100-day and 200-day simple moving average (SMA) placed at 108.63, 100.39 and 86.61, respectively. These levels will act as crucial support zones in near term.

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 company’s consolidated net profit increased 35.2% to Rs 22.53 crore on 2.4% decline in net sales to Rs 814.13 crore in Q2 FY24 over Q2 FY23.

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Pennar Industries has bagged orders worth Rs 669 crore across its various business verticals. The orders are expected to be executed within the next two quarters.

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