Moneycontrol
Jun 16, 2017 11:15 AM IST | Source: Moneycontrol.com

Pennar Industries, PEBS gain 1-3%, to form JV company in US

The joint venture will help both the companies to increase their addressable market and contribute to an increase in revenue and profitability.

 
 
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Shares of Pennar Industries and Pennar Engineered Building Systems (PEBS) gained 3 percent and 1 percent respectively intraday Friday as they will set up joint venture company in US.

"Pennar Industries and PEBS intend to set up a 50:50 joint venture in United States of America to supply their goods and service," as per BSE release.

The joint venture will help both the companies to increase their addressable market and contribute to an increase in revenue and profitability.

On June 13, Pennar Industries and its subsidiary has received orders worth Rs 255 crore across its business units.

At 11:05 hrs Pennar Industries was quoting at Rs 56.15, up 2.09 percent and Pennar Engineered Building Systems was quoting at Rs 137, up 1.11 percent on the NSE.

Posted by Rakesh Patil
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