Pavna Industries Ltd Share Price – NSE  /  BSE

Auto Ancillaries, Small Cap

Pavna Industries will hold a meeting of the Board of Directors of the Company on 29 April 2024.

Powered by Capital Market - Live News

The headline equity indices traded with substantial gains in mid-afternoon trade. The Nifty marched above the 22,250 mark. Realty shares advanced after declining in the past five consecutive trading sessions.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 392.26 points or 0.52% to 73,468.24. The Nifty 50 index added 141.35 points or 0.64% to 22,288.35.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.80% and the S&P BSE Small-Cap index gained 1.27%.

The market breadth was strong. On the BSE, 2620 shares rose and 1,233 shares fell. A total of 163 shares were unchanged.

Economy:

The provisional figures of Direct Tax collections for the Financial Year (FY) 2023-24 show that Net collections are at Rs. 19.58 lakh crore, compared to Rs. 16.64 lakh crore in the preceding Financial Year i.e. FY 2022-23, representing an increase of 17.70%.

The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023- 24 were fixed at Rs. 18.23 lakh crore which were revised and the Revised Estimates (RE) were fixed at Rs. 19.45 lakh crore. The provisional Direct Tax collections (net of the refunds) have exceeded the BE by 7.40% and RE by 0.67%.

Meanwhile, India’s foreign exchange (forex) reserves declined $5.401 billion to $643.162 billion during the week ended April 12, according to the latest RBI data. In the previous reporting week, overall reserves had risen $2.88 billion to a new high of $648.562 billion.

For the week ended April 12, the foreign currency assets, a major component of the reserves, decreased by $6.513 billion to $564.653 billion, according to the data released on April 19.

Gold reserves continued their rise and increased by $1.241 billion to $55.798 billion during the week. The special drawing rights (SDRs) were down $93 million to $18.077 billion, the RBI said.

India’s reserve position with the IMF was also down by $35 million to $4.634 billion in the reporting week, the central bank data showed.

Buzzing Index:

The Nifty Realty index rose 1.40% to 939.25. The index fell 3.60% in past five trading sessions.

Mahindra Lifespace Developers (up 4.77%), Sobha (up 4.61%), Macrotech Developers (up 2.42%), Oberoi Realty (up 2.05%), Phoenix Mills (up 1.79%), Prestige Estates Projects (up 1.54%), DLF (up 1.36%), Sunteck Realty (up 1.22%) and Godrej Properties (up 0.15%) advanced.

Oberoi Realty added 2.05% after the company reported booking value of Rs 1,775 crore during the quarter. In Q4 FY24, in terms of volume, the Mumbai based realty developer company booked 4,48,844 square foot (Sq.ft) area while 228 units were booked.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.22% to 7.209 as compared with previous close 7.225.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.3600, compared with its close of 83.4400 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 1.20% to Rs 71,933.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 106.13.

The United States 10-year bond yield rose 0.85% to 4.655.

In the commodities market, Brent crude for June 2024 settlement slipped 99 cents or 1.13% to $86.37 a barrel.

Stocks in Spotlight:

Pavna Industries was locked in 5% upper circuit after the company announced that it has inked an agreement with OLA Electric to supply ignition switches and latches.

Dilip Buildcon advanced 2.43% after CRISIL Ratings revised its outlook on the long-term bank facilities and non-convertible debentures of the company to ‘positive’ from ‘negative’ while reaffirming the rating at 'CRISIL A’.

Powered by Capital Market - Live News

Ola Electric Mobility, headquartered in Bengaluru, is India's largest electric two-wheeler manufacturer, renowned for its commitment to sustainability and innovation. It has been playing an instrumental role in driving EV adoption and penetration in India.

Under this agreement, the company will provide high-quality ignition switches and latches to OLA Electric across its manufacturing plants in India.

This contract further consolidates the company’s foray into the two-wheeler electric vehicle segment,” the automotive parts manufacturer said in a statement.

Pavna Industries further stated that it would be expanding its product range to include more offerings in the electric vehicle (EV) segment and launch products such as motors and motor controllers recognizing the immense potential and market demand in this sector.

Swapnil Jain, managing director of Pavna Industries, said: “Pavna and OLA Electric joining forces will not only drive affordability but also enhance the quality standards for enthusiasts of two-wheeler EVs.

OLA's comprehensive product range caters to diverse needs of electric vehicle owners and represents a significant leap towards accelerating EV adoption in India.”

Uttar Pradesh-based Pavna Industries is a manufacturer of automotive components. The company has a comprehensive portfolio that spans beyond the automotive industry, encompassing essential components and intricate engine parts, as well as solutions tailored for the agricultural sector such as latches and handles.

Powered by Capital Market - Live News

Net profit of Pavna Industries declined 30.95% to Rs 1.74 crore in the quarter ended December 2023 as against Rs 2.52 crore during the previous quarter ended December 2022. Sales declined 10.61% to Rs 79.86 crore in the quarter ended December 2023 as against Rs 89.34 crore during the previous quarter ended December 2022.

Powered by Capital Market - Live News