Technically, the stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Shares of Uttar Pradesh-based electrical equipment maker Pavna Industries are in focus as the company has informed exchanges that the board has approved the investment in the equity shares of the subsidiary company Pavna SMC Private Limited. According to the information shared with the exchanges, the board has approved the acquisition of an 80 per cent stake for a cash consideration of Rs 4,00,000, with the transaction expected to conclude by March 31, 2026, in a subsidiary. The incorporated company belongs to the automobile industry, and has been set up with the focus on manufacturing electronic components for both Internal Combustion Engine (ICE) and Electric Vehicle (EV) segments, alongside catering to the Aerospace, medical, and commercial hardware industries.
Share price today
The stock started the trading session flat at Rs 17.73 and gained to touch the intraday high of Rs 17.78. However, it dipped amid profit booking and touched the intraday low of Rs 17.44 on the BSE. Last seen, the stock was trading at Rs 17.50, with a dip of 1.30 per cent ,and the market cap of the company stood at Rs 244.18 crore.
Stock has been losing for the last two days and has fallen 2.19 per cent in the period. Technically, the stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Setting up manufacturing project in Tamil Nadu
The company 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.
