The shares of the leading automotive component manufacturer hit 5 percent upper circuit to an intraday high price of Rs 561.40 apiece after the company signed an agreement with OLA Electric to Supply Ignition Switches and Latches for EVs.
On Monday at 10:35 a.m., shares of Pavna Industries Ltd surged to Rs 561.40 per share, hitting the upper circuit from the previous closing price on the National Stock Exchange. The company’s market capitalization stands at Rs 684 crores.
According to the company’s exchange filing,Pavna Industries Limited, a prominent automotive parts manufacturer in India, has entered into an agreement with OLA Electric to supply ignition switches and latches.
This partnership strengthens Pavna Industries’ presence in the electric two-wheeler segment. Under the terms of the agreement, Pavna Industries will supply high-quality ignition switches and latches to OLA Electric for its manufacturing facilities across India.
OLA Electric Mobility, based in Bengaluru, is India’s largest electric two-wheeler manufacturer.
Pavna Industries’ shares have gained 100 percent in the last 12 months. A shareholder investment of Rs 1 lakh in the company would be worth Rs 2 lakhs in a year.
The company’s revenues have decreased by 11 percent year on year from Rs89 crore in Q3FY23 to Rs 79 crore in Q3FY24, while Net profit has increased by 43 percent from Rs 1.54 crore to Rs 2.20 crore
The Company is engaged in the business of manufacturing automotive parts, providing solutions for automobile applications, and serving automobile & other applications worldwide for Original Equipment Manufacturers (OEM) & providing automotive aftermarket solutions.
The company is the leading manufacturer of Automotive Components for the two & three-wheeler industry. The company’s marquee clients include Force Motors, Atul Auto, JBM group, Birla Power Solutions, John Deere, Ashok Leyland, and many others.
Pavna Industries has nine facilities in three locations in India and the company exports its products to countries like Italy, Sri Lanka, Indonesia, Sudan, Taiwan, Nepal, and Bangladesh.
Written by Omkar Chitnis
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