Pennar Industries jumped 5.27% to Rs 52.90 at 10:20 IST on BSE after company's subsidiary, Pennar Engineered Buildings Systems, filed a draft red herring prospectus with Securities Exchange Board of India on 27 March 2015 for initial public offer.
The announcement was made after trading hours on Friday, 27 March 2015.
Meanwhile, the BSE Sensex was up 235.36 points, or 0.86%, to 27,694.
On BSE, so far 86,779 shares were traded in the counter, compared with an average volume of 2.32 lakh shares in the past one quarter.
The stock hit a high of Rs 54.40 and a low of Rs 52.50 so far during the day. The stock hit a 52-week high of Rs 67.85 on 20 January 2015. The stock hit a 52-week low of Rs 19.55 on 27 March 2014.
The stock had underperformed the market over the past one month till 27 March 2015, falling 6.6% compared with 6.03% decline in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 2.43% as against Sensex's 0.8% rise.
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The small-cap engineering company has an equity capital of Rs 60.17 crore. Face value per share is Rs 5.
Pennar Industries said its subsidiary, Pennar Engineered Buildings Systems, filed a draft red herring prospectus with Securities Exchange Board of India (Sebi) on 27 March 2015. The proposed initial public offer of Pennar Engineered Buildings Systems consists of fresh issue of shares and offer for sale by selling shareholders.
Pennar Industries' consolidated net profit rose 21.1% to Rs 7.70 crore on 7.4% rise in total income to Rs 305.83 crore in Q3 December 2014 over Q3 December 2013.
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