Pritika Auto Industries Limited (BSE: 539359), a pioneer and among leading players in manufacturing world class auto components in India, today, announced that the Company has received its first export order for machined castings. The order of Rs. 4.5 cr. per annum is from a large US-based conglomerate.
Commenting on the development, Mr. Harpreet S. Nibber, Managing Director, Pritika Auto Industries Limited said: "We are very excited about this export order which marks our first foray into foreign markets. The US is a significant market for machined castings and this order gives us an opportunity to explore the potential that the US market has to offer. The order comes as a consequence of our consistent and high-quality product delivery and is expected to open up further avenues in overseas markets. Infact we are also currently in advanced discussion with our client for an additional order of Rs. 3 cr. per annum.
The export portfolio would comprise of high-margin products which are likely to result in improved profitability for the Company. We are hopeful of building on from here and continue to expand our product portfolio.
I thank the entire team of 'Pritika' for their untiring efforts, hard work, sincerity and dedication in making this happen."
Shares of Pritika Auto Industries Ltd was last trading in BSE at Rs.94.9 as compared to the previous close of Rs. 89.3. The total number of shares traded during the day was 181 in over 6 trades.
The stock hit an intraday high of Rs. 100 and intraday low of 90. The net turnover during the day was Rs. 16712.