The stock hit 52-week high of Rs 132 in intraday today. The counter has soared 158.9% from its 52-week low of Rs 50 hit on 23 December 2022.

On the BSE, 4.14 lakh shares were traded in the counter so far compared with average daily volumes of 2.27 lakh shares in the past two weeks.

The scrip had outperformed the market in past one month, advancing 10.97% as against 0.97% increase in Sensex.

The scrip outperformed the market in past one quarter, jumping 22.13% as against Sensex's 1.25% rise.

The counter had outperformed the market in past one year, surging 90.93% as against Sensex's 7.51% jump.

On the technical front, the stock's daily RSI (relative strength index) stood at 72.934. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50 day, 100-day and 200-day simple moving average (SMA) placed at 108.63, 100.39 and 86.61, respectively. These levels will act as crucial support zones in near term.

Pennar Industries is engaged in the manufacture of steel products, including cold rolled steel strips (CRSS) and cold formed metal profiles. It operates with 13 manufacturing plants, 5 engineering offices and 42 sales offices in India, the US and Europe.

The company’s consolidated net profit increased 35.2% to Rs 22.53 crore on 2.4% decline in net sales to Rs 814.13 crore in Q2 FY24 over Q2 FY23.