Pennar Industries Limited (PIL), a leading value-added engineering products and solutions company, today announced it is scaling up its hydraulic cylinders to 200,000 cylinders per annum from the current capacity of 75,000 cylinders pa. PIL caters to both, the domestic as well as global demand for hydraulic cylinders that find applications in agricultural, forestry, construction equipment, material handling, tippers and trailers, aerospace and defence industries.
The new plant will be equipped to produce 150,000 cylinders per annum with scope to expand up to 200,000 cylinders as the demand increases. PIL has more than 25 domestic and global customers for hydraulics, including reputed OEMs, distribution and engineering companies in the world. Over the past two year, PIL has supplied more than 100,000 hydraulic cylinders to the end-users in the US market. The company is witnessing increase in demand and hence is doubling the capacity. PIL is augmenting the capacity in a new 45,000 sq. ft. state of the art plant at its existing Hydraulics manufacturing facility at Periyapalayam, Chennai. The plant will be fully equipped with complete infrastructure and best in class machinery and testing equipment to design, engineer and manufacture high quality hydraulic cylinders.
Mr. K M Sunil, Vice President - Corporate Strategy, Pennar Industries Limited said, "Pennar has found good success with Hydraulic cylinders, primarily because of the company's engineering design and manufacturing capabilities as per customers' unique requirement. Due to continuous strong demand, we are now doubling our manufacturing capacity from current 75,000 units to 150,000 units per annum with possibility of increasing it up to 200,000 cylinders as the demand increases. Pennar plans to make technology investment in the world class tech, production equipment and design engineering team to emerge as a leading player in Hydraulics."
Shares of PENNAR INDUSTRIES LTD. was last trading in BSE at Rs.37.8 as compared to the previous close of Rs. 38.1. The total number of shares traded during the day was 10652 in over 61 trades.
The stock hit an intraday high of Rs. 39 and intraday low of 37.8. The net turnover during the day was Rs. 409068.