The company 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
Shares of Uttar Pradesh-based Pavna Industries surged after the company informed exchanges that it has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up an auto-components manufacturing facility in Shoolagiri, Krishnagiri District, Tamil Nadu. As part of the Memorandum of Understanding (MoU), the Government of Tamil Nadu has promised to fully support and help with the quick and effective execution of the project. The new facility will expand Pavna Industries’ manufacturing operations, strengthen its role in the automotive industry, and help the state become a centre for future mobility solutions.
โWe are proud to partner with the Government of Tamil Nadu for this project, which will generate employment, create new opportunities for local talent, and support the stateโs thriving automotive ecosystem,” said Swapnil Jain, Managing Director, Pavna Industries Limited.
Share Price Today
The stock opened in the green at Rs 41.50 on the BSE against the previous close of Rs 40.42. The stock gained further to touch the high of Rs 43.70, a gain 8.11 per cent from the previous close. The stock ended the trading session in green with a gain of 2.80 per cent at Rs 41.55. The market cap of the company stood at Rs 579.75.ย
The 52-week high of the stock is Rs 75.96 and the 52-week low is Rs 29.52.
Forms JV To Boost EV Tech In India
The company 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 JVโs operations, the company said in a statement issued here.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)