This auto stock starts session with 6% jump even as market trades in red: Details here

Shares of Uttar Pradesh-based Pavna Industries surged over 6 per cent on Monday even as benchmark indices Sensex and Nifty fell in early trade, tracking a sharp decline in global markets after the US announced an additional 100 per cent tariff on Chinese goods effective November 1. The stock opened at Rs 42.44 on the BSE against the previous close of Rs 39.99. This is a gain of 6.12 per cent. However, the stock dipped amid profit booking and touched a low of Rs 38.71. 

On the National Stock Exchange (NSE), the scrip started the trading session at Rs 42.30 against the previous close of Rs 40.13. Later, the stock touched a low of Rs 38.70. Last seen, it was trading at Rs 39.30, with a dip of Rs 2.07 per cent. The market cap of the company stood at Rs 548.35 crore. 

52-week high, low

The 52-week high of the stock is Rs 75.95, hit on October 14, 2024, and the 52-week low is Rs 29.33. Technically, the stock trades higher than the 5-day, 20-day and 50-day moving averages but lower than 100-day and 200-day moving averages.

Forms JV to boost EV tech in India

Pavna Industries recently entered into a joint venture with Taiwan-based SmartChip Microelectronic Corporation (SMC) to boost EV technology in India and grow into new high-growth markets.

Pavna Industries will hold 80 per cent equity in the JV, while SMC will have a 20 per cent stake.

Under the agreement, Pavna will bring its operational, manufacturing, and procurement expertise, and its deep understanding of the Indian automotive market, to oversee and manage the JV’s operations, the company said in a statement issued here.

“Pavna Industries has entered into a joint venture agreement with SmartChip Microelectronic Corporation (SMC), which will offer to undertake and carry on the business of inter alia making electronic components for the automobile industry (ICE and EV) and for other industries like hardware for cupboard/door locks etc. in residential/ commercial industries, and medical, among others,” the company said.