/ Pennar Industries Evaluating Merger Of Subsidiary, Stocks Down 1.62% ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Monday, 19 December 2016


Pennar Industries Ltd is currently trading at Rs 42.5, down by Rs 0.7 or 1.62% from its previous closing of Rs 43.2 on the BSE. The Board of Pennar Industries Ltd is evaluating the merger of its subsidiary Pennar Enviro Ltd into Pennar Industries. Pennar Industries holds 51.03% of the total equity of Pennar Enviro Ltd. The proposed merger is intended to position the enviornment business for further rapid growth.

The company has appointed an advisor for the merger and will be in touch with all major stakeholders regarding this proposition, the company said in a statement. Pennar Industries Ltd is currently trading at Rs 42.5, down by Rs 0.7 or 1.62% from its previous closing of Rs 43.2 on the BSE.

The scrip opened at Rs 42.5 and has touched a high and low of Rs 43.85 and Rs 42.1 respectively. So far 144635(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 519.91 crore. The BSE group 'B' stock of face value Rs 5 has touched a 52 week high of Rs 61.35 on 12-Jan-2016 and a 52 week low of Rs 38.5 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs 46.1 and Rs 42.8 respectively.

The promoters holding in the company stood at 36.36 % while Institutions and Non-Institutions held 23.74 % and 39.91 % respectively. The stock is currently trading below its 50 DMA.

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