Pennar Industries rises over 7%, receives orders worth Rs 1,167 crore

Shares of a leading value-added engineering products and solutions company Pennar Industries rose as much as 7 per cent to Rs 45 in Thursday’s intra-day trade after it bagged orders worth Rs 1,167 crores across its various business verticals.

At 12:15 pm, the scrip was trading 6 per cent higher at Rs 48 over its previous day’s closing price of Rs 45 apiece. The stock has risen 25 per cent in the last six months while it has surged nearly 61 per cent in the last one year.

As per Trendlyne data, the highest target for the stock goes up to Rs 62, showing an upside potential of around 36 per cent from the current prices.

The consensus recommendation from one analyst for Pennar Industries is a strong buy.

For the quarter ended June 30, 2022, the company reported consolidated net sales of Rs 699 crore, up 43 per cent from the year-ago quarter's net sales of Rs 488 crore. The company reported a net profit of Rs 14.08 crore for the latest quarter.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)