Earlier, the electrical equipment maker signed an agreement with the Uttar Pradesh government to invest Rs 250 crore in the state.
Shares of Uttar Pradesh-based Pavna Industries will be in focus today as the company has informed exchanges that it has started setting up a manufacturing unit in Tamil Nadu at an initial investment of Rs 50 crore. The plant will initially focus on supplying critical components to the automotive industry, the company said in an exchange filing. The company said it has held a “groundbreaking ceremony for its new state-of-the-art manufacturing facility at Hosur in Tamil Nadu”.
The first phase of the project involves an investment of Rs 50 crore, Pavna said without sharing any future details. Phase 1 of the project is expected to begin operations later this year, the UP-based company said.
Signs pact to invest Rs 250 crore in UP
Earlier, the electrical equipment maker 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. Based in Aligarh (UP), Pavna Industries manufactures electrical equipment for application in automobiles.
Share price history
Shares of the company ended the last trading session in the red after a positive start. The stock ended at Rs 19.94. During the day, it touched an intraday high of Rs 23.99 and a low of Rs 19.64. The stock has a 52-week high of Rs 58.44, hit on January 22, 2025, and a 52-week low of Rs 19,28. The market cap of the company stood at Rs 33.06 crore.
According to BSE Analytics, the stock has corrected 64.49 per cent in two years and 60.51 per cent in one year. On a year-to-date (YTD) basis, the stock has fallen 13.79 per cent as against the dip of 2.33 per cent in the benchmark index.
ALSO READ | After delays and cost overruns, NHAI fixes March deadline for Gurugram–Pataudi Highway
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
