Pennar Industries added 2.27% to Rs 197.95 after the company announced the signing of a joint venture agreement with Zetwerk Manufacturing Businesses and others for incorporation of a joint venture company (JVC).
The proposed joint venture company will be formed to carry on the business of manufacturing and sale of solar modules, including the development and operation of the manufacturing unit.
In the proposed JVC, Zetwerk will hold 50.1% stake, Pennar would hold 45% and the remaining stake 4.9% will be held by others.
The company would invest a sum of Rs 18.75 crore in the proposed joint venture entity.
Pennar Industries is engaged in the manufacture of steel products, including cold rolled steel strips (CRSS) and cold formed metal profiles. It operates with 13 manufacturing plants, 5 engineering offices and 42 sales offices in India, the US and Europe.
The companys consolidated net profit jumped 19.2% to Rs 26.85 crore despite 8.2% decline in net sales to Rs 747.61 crore in Q2 FY25 over Q2 FY24.
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