It is after a gap of some time that we are hearing of a greenfield project being set up by a mid-sized company. Pennar Industries is aiming to expand its manufacturing operations in North India by setting up a new plant Raebareli, Uttar Pradesh.

The plant is scheduled to go on stream in Q2 of 2024.

Spread over 16 acres , it will have a production capacity of 36,000 MT per annum.

Once fully operational, the plant will enable the company to meet the demands of clients in the Northern and Eastern part of India, significantly reducing transportation costs.

A value-added engineering products and solutions company, it currently has 13 manufacturing plants, 5 engineering offices and 42 sales offices in India, the USA and Europe. The company is headquartered in Hyderabad, India.

The market is happy with this news, with the stock opening 3% higher at Rs.179.30 and soon jumped up more than 10% to hit a new 52-week high at Rs.191.50.