Pennar Industries gains on receiving approval to raise FII’s limit

Pennar Industries is currently trading at Rs. 27.70, up by 0.80 points or 2.97% from its previous closing of Rs. 26.90 on the BSE. The scrip opened at Rs. 27.25 and has touched a high and low of Rs. 27.90 and Rs. 27.25 respectively. So far 5,003 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 31.30 on 02-May-2014 and a 52 week low of Rs. 18.25 on 24-Dec-2013. Last one week high and low of the scrip stood at Rs. 31.30 and Rs. 26.60 respectively. The current market cap of the company is Rs. 337.00 crore. The promoters holding in the company stood at 40.59%, while Institutions and Non-Institutions held 30.20% and 29.20% respectively. Pennar Industries has received an approval to increase the aggregated ceiling limit under the Portfolio Investment Scheme by SEBI registered Foreign Institutional Investors (FII’s)/ SEBI approved sub accounts of FII’s from 24% to 35% in the paid-up share capital of the company. The board of directors at its meeting held on May 07, 2014 has approved for the same. The above is however subject to the approval of members at the ensuing Annual General Meeting, and such other approvals as may be required from time to time. Pennar Industries is engaged in the manufacturing of Cold Rolled Steel Strips (CRSS) and value-added products under Cold Rolled Formed Sections (CRFS) like precision tubes, engineered components, road safety systems, parts of railway coaches and Electro Static Precipitators (ESP).