Shares of Pennar Industries Ltd rallied 4% on 13 December after the company announced entering into a joint venture agreement to produce and distribute solar modules and cells. 

Zetwerk Manufacturing Businesses and Pennar Industries inked a deal for the production and distribution of solar cells and modules, as well as for the establishment and management of the manufacturing facility.  In an exchange filing on Thursday, the company stated that the prospective business will target both domestic and international markets.

In the joint venture, Zetwerk will own 50.10% of the business, Pennar will own 45%, and other stakeholders will own 4.90%.  

According to Pennar Industries recently released second quarter results for the fiscal year 2024–25 (Q2FY25), the company’s net profit increased by 19.17% to Rs 26.85 crore for the quarter that ended in September 2024 from Rs 22.53 crore for the same quarter the year before (September 2023). 

Sales during the quarter, however, decreased by 8.17% to Rs 747.61 crore from Rs 814.13 crore during the same time last year.

Pennar Industries produces a wide variety of goods, such as steel products like precision tubes, cold rolled steel strips, and formed sections, as well as building systems like purlins, roofing sheets, deck plates, and pre-engineered building systems (PEBS). The company also manufactures photovoltaic panels, solar module mounting structures, hydraulics, and warehousing solutions, in addition to road safety equipment. 

In addition to desalination operations, Pennar Industries provides water and sewage treatment solutions.

With eight production sites spread throughout India and a combined yearly production capacity of 350,000 MT, Pennar Industries provides services to a variety of industries, including general engineering, building and construction, power, autos, and infrastructure.

At 11:29 am, the shares of Pennar Industries were trading 0.023% higher at Rs 214.61 on NSE.

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