Pennar Industries rises 4% as co to increase hydraulic cylinders capacity
The company has more than 25 domestic and global customers for hydraulics, including reputed OEMs, distribution and engineering companies in the world.
April 15, 2019 / 11:48 AM IST
Shares of Pennar Industries rose 4 percent intraday Monday as company is going to increase hydraulic cylinders capacity to meet global demand.
The company in its press release said that it is scaling up its hydraulic cylinders to 200,000 cylinders per annum from the current capacity of 75,000 cylinders per annum.
The new plant will be equipped to produce 150,000 cylinders per annum with scope to expand up to 200,000 cylinders as the demand increases.
The company has more than 25 domestic and global customers for hydraulics, including reputed OEMs, distribution and engineering companies in the world, company added.
K M Sunil, Vice President - Corporate Strategy, Pennar Industries said, “Pennar has found good success with Hydraulic cylinders, primarily because of the company’s engineering design and manufacturing capabilities as per customers’ unique requirement."
At 11:38 hrs Pennar Industries was quoting at Rs 39.20, up Rs 1.15, or 3.02 percent on the BSE.For more market news, click here