Pennar Industries shares surge to 52-week high on orders worth Rs 851 crore

Shares of Pennar Industries surged on February 20, following the announcement that the company had won multiple orders accumulating to Rs 851 crore.

At 10.02 am, Pennar Industries were trading at Rs 78.40, up 6.67 percent on the National Stock Exchange. The stock also tested a 52-week high of Rs 78.70 earlier in the day.

The orders were secured across various verticals, including Ascent Buildings (USA), pre-engineered buildings, industrial components, railways, tubes and steel. Ascent Buildings, USA, is a step-down subsidiary of Pennar Industries.

Among its key clients were big names like Reliance, TVS ILP, Ashok Leyland, Yamaha, Emerson, Hindalco, Kirloskar Toyota, Mahindra Defence Systems, Tata Power, Saint Gobain and Texmaco.

Catch up on all LIVE stock market updates here

The news comes in the wake of the company's strong performance this financial year, with revenues from projects in the pre-engineered buildings and industrial components verticals witnessing robust growth.

Pennar Industries also aims to scale up revenue from the steel and railways segments in the coming quarters.

In the third quarter, the company's consolidated net profit stood at Rs 21.12 crore, up nearly two-fold from the previous year, with a topline of Rs 692.22 crore that rose by 29.88 percent year-on-year (YoY).

The stellar show on the profit front was thanks to improved operational performance and strong revenues.  With these latest orders, Pennar Industries is on track to maintain its momentum and continue its upward trajectory.