Pennar Industries Forms JV for Solar Modules, Shares Surge

Pennar Industries share price jumped by 4.36% to ₹223.65 in early trade on Friday, despite a weak market, following the announcement of a joint venture (JV) with Zetwerk Manufacturing Businesses. The JV will focus on manufacturing and selling solar modules and cells, catering to domestic and international markets. Zetwerk will hold a 50.10% stake, Pennar 45%, and other stakeholders 4.90%.

Q2 FY25 Financial Highlights

In Q2 FY25, Pennar Industries posted a 19.17% rise in net profit to ₹26.85 crore, compared to ₹22.53 crore in the same period last year. However, sales dropped 8.17% to ₹747.61 crore from ₹814.13 crore in Q2 FY24.

Stock and Market Comparison

The company’s shares have gained 22% over the past 6 months and 77% over the past year, outperforming the BSE Sensex, which rose 5% year-to-date and 15% in the last year. Currently, the company’s stock is trading at a P/E ratio of 38.86 and an EPS of ₹5.51, with a market cap of ₹3,099.14 crore.

About Pennar Industries

Pennar Industries is a diversified engineering company producing cold-rolled steel strips, precision tubes, and pre-engineered building systems. It also manufactures road safety systems, solar module mounting structures, and provides solutions for water treatment and desalination.

With 8 facilities across India and a total capacity of 350,000 MT annually, the company serves sectors such as infrastructure, automotive, power, and construction.

Pennar Industries share price is trading at ₹213.41 at 10:37 AM on December 13, 2024, reflecting a 0.54% decline for the day. The stock opened at ₹221.00 and reached a high of ₹223.78.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.