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Pennar Industries shares up over 7 per cent on IPO plans of unit

According to traders, the move by Pennar Industries is seen as unlocking value in subsidiaries and creating bullish sentiment in respective stocks.

Indulal PM   Mumbai     Last Updated: March 31, 2015  | 10:09 IST
Pennar Industries shares up over 5 per cent
(Photo: Reuters)

Pennar Industries shares jumped over 7 per cent on Monday as the company's unit, Pennar Engineered Buildings Systems, filed for a public issue.

According to traders, the move is seen as unlocking value in subsidiaries and creating bullish sentiment in respective stocks.

Shares of Pennar Industries closed at Rs 53.85 per scrip on the Bombay Stock Exchange (BSE), up 7.16 per cent or 3.60 points.

Reflecting similar trend, the scrip closed at Rs 54 on the National Stock Exchange (NSE), up 7.14 per cent or 3.60 points.

(Reuters)

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