Recovery was seen in the stock market last Friday. Amidst this recovery environment, some penny stocks were seen rising like rockets. One such penny share is that of Pavana Industries. On the last trading day of the week, this share rose by about 3% and the price reached around Rs 21, above the level of Rs 20. The share rose by 2.09% to Rs 20.49 as compared to the previous closing of Rs 20.07. The 52-week high of the share is Rs 58.44 and the 52-week low is Rs 19.28. This means that the stock is recovering from its low. Let us tell you that in the month of September last, the company had also done stock split. During this period the company’s stock split from ₹10 to ₹1. Usually companies take the decision of split to attract investors.
shareholding pattern
Talking about the shareholding of Pavana Industries, the promoters had 61.50 percent stake. At the same time, public shareholding is 38.50 percent. Forbes EMF has a stake in this company. Public shareholder Forbes EMF holds 50,00,000 shares or 3.58 per cent stake. Apart from this, Nova Global holds 2.20 percent stake or 30,70,160 shares.
Had joined hands with UP government
Recently Pavana Industries had signed a Memorandum of Understanding (MoU) with the Government of Uttar Pradesh (GoUP). Under this, ₹250 crore will be invested in the proposed project in the next three to five years and about 500 employees will be provided employment by Pavana Industries. According to the company’s regulatory filing last November, the Uttar Pradesh government will help Pavana Industries set up the project in the state and obtain necessary permissions, registrations, approvals, clearances, etc. as per the rules and regulations. Along with this, it will also help in getting incentives under various schemes announced by SG/CG.
