Shares of Uttar Pradesh-based steel and automotive player Pavna Industries surged nearly 15 per cent on Wednesday as benchmark indices bounced back on the last trading session of the year. The stock opened gap up with a gain of 9.37 per cent at Rs 22.99 against the previous close of Rs 21.02 on the BSE. It surged further amid a spurt in trading volume by 6.12 per cent to touch the high of Rs 24.12. Last seen, the stock was trading at Rs 22.90 with a gain of 8.94 per cent. The market cap of the company stood at Rs 319.52 crore. On the National Stock Exchange (NSE), the stock opened at Rs 21.60 and later touched the intraday high and low of Rs 24.19 and 21.60, respectively. The 52-week high of the stock, hit on January 22, 2055, is Rs 58.44, and the 52-week low is Rs 20.65.
Share price history
According to information available on the NSE, the stock has given a positive return of 5.22 per cent but has corrected 52.94 per cent in one year. On a year-to-date basis, the stock has dipped 51.55 per cent as against the gain of 9.73 per cent by the benchmark index. The stock has dipped 6.86 per cent in one week.
Signs pact to invest Rs 250 crore in Uttar Pradesh
Earlier, the company signed an agreement with the Uttar Pradesh government to invest Rs 250 crore in the state. As part of a memorandum of understanding (MoU), it will invest the amount over the next 3-5 years to boost production of businesses, the company said in a statement.
The proposed investment aims to create 500 jobs in Uttar Pradesh, Swapnil Jain, Managing Director of Pavna Industries, said on Tuesday.
"This initiative allows us to build capacity, boost innovation, and contribute meaningfully to regional economic development," he said. Based in Aligarh (UP), Pavna Industries manufactures electrical equipment for application in automobiles.
ALSO READ | Aadhaar–PAN linking deadline: What happens if you miss December 31 and step-by-step guide to link them
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
