Pennar Industries share price soars on new orders worth Rs 669 crore

Ascent Buildings, USA-based subsidiary, got orders from Red Hot Buildings, Tarheel Buildings, Joiner Construction, T&D Concrete, Tifton Buildings, Dunn Buildings, PS West Construction and JA Street.

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Shares of Pennar Industries, which makes a diverse range of industrial products, surged on November 16 after the company said it has bagged orders worth Rs 669 crore across its various business verticals.

The orders have come from a number of companies. The company did not say when it received these orders but added that all of them are expected to be executed within the next two quarters.

As of 1 pm, the stock traded up nearly 8 percent at Rs 111.80 on the BSE. The stock is up 89 percent so far this year.

Its Pre-Engineered Buildings (PEB) vertical bagged orders from RLR Infra, SNJ Distilleries, Antariksh Group, Taiin Infra, Power Mech Projects, SR Enterprises, TVS Sangli and MSR Assets.

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Ascent Buildings, USA-based subsidiary, got orders from Red Hot Buildings, Tarheel Buildings, Joiner Construction, T&D Concrete, Tifton Buildings, Dunn Buildings, PS West Construction and JA Street.

Its railways vertical got orders from SAIL, Rites, ICF, Titagarh,Texmaco, Wabtech and Oriental; while steel business bagged orders from Steel Saint Gobain, Waree, Thermax, VECV, IFB Industries, L G Balakrishnan, Johnson Lifts, Bimetal Bearings, Navayuga Engg, VRL, Primex Plastics and JM Frictech.

The company said it has been focusing on higher margin products now. It expects the revenue for FY24 to be its highest ever.

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