Shares of this auto sector company rose more than 7 percent in Thursday's trading session amid high volume trading.
Shares of Pavna Industries rose 7.63 percent to an intraday high of Rs 459.8 per share on the NSE. Later, at around 3 p.m., it pared some of the gains to trade at around at Rs 444.35 apiece, up 4.01 percent.
Earlier in the week, the Uttar Pradesh-based company said it has entered into a joint venture with Taiwan-based SmartChip Microelectronic Corporation (SMC) to boost EV technology in India and grow into new high-growth markets. Pavna Industries will hold 80 percent equity in the JV, while SMC will have a 20 percent stake.
Under the agreement, Pavna will bring its operational, manufacturing, and procurement expertise, and its deep understanding of the Indian automotive market, to oversee and manage the JV’s operations, the company said in a statement issued here.
"Pavna Industries has entered into a joint venture agreement with SmartChip Microelectronic Corporation (SMC), which will offer to undertake and carry on the business of inter alia making electronic components for the automobile industry (ICE and EV) and for other industries like hardware for cupboard/door locks etc. in residential/ commercial industries, and medical, among others," the company said.
(PTI Inputs)
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