While the index did not rise much, this low-priced stock showed promise of good returns. On Tuesday, November 25, Pavna Industries jumped nearly 14 percent as soon as the market opened. The stock price surged after signing an MoU agreement with the Uttar Pradesh government.
This company manufactures automobile parts and security systems for vehicles. On November 24, the company informed the exchange that an MoU has been signed with the Uttar Pradesh government for business expansion. Following this, on November 25, the stock price witnessed an uptick. However, the price declined as the day progressed.
According to information submitted to the exchange, the company will invest ₹250 crore to create new projects in Uttar Pradesh over the next 3-5 years. Additionally, it will create employment for at least 500 people.
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For this project, the company will receive multiple facilities from the Uttar Pradesh government. The Uttar Pradesh government will provide the necessary permissions, registrations, and clearances. Uttar Pradesh will also help the company access benefits from various state and central projects.
This stock, priced below ₹50, is actually a small-cap stock. On Tuesday, as soon as the market opened, this stock rose nearly 14 percent to reach ₹35. However, within 52 weeks, this stock had reached its highest level at ₹58.44. The stock is still 40 percent below that highest level from January. In March, it was at its 52-week low (₹29.52).
However, this stock has witnessed a significant decline over the past few months. In the last 1 year, the stock has fallen 44 percent, in 6 months it has fallen 21 percent, and in 3 months it has fallen 28 percent. In the last 1 month, it has fallen 10 percent.
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