Shares of engineering company Pennar Industries jumped nearly 7 percent in intraday trade on Monday to hit a fresh 52-week high of Rs 79.65 apiece on BSE after announcing that it has bagged multiple orders worth Rs 851 crore.

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In terms of value, the contract secured by the company is higher than its free-float market capitalisation of Rs 637 crore. The orders are to be executed over the next two quarters.

Pennar Industries is engaged in the manufacturing of cold-rolled steel strips, precision tubes, cold-rolled formed sections, electrostatic precipitators, and profiles. Its segments include diversified engineering and custom-designed building solutions and auxiliaries. It manufactures railway wagons and coach components, press steel components, hydraulics, road safety systems, and galvanised products.

Some of the company's customers include Reliance, Tata Power, Saint Gobain, L&T, Ashok Leyland, Yamaha, Hindalco, and Kirloskar Toyota.

In the December quarter, the company's consolidated profit after tax surged 97.2 percent to Rs 21.12 crore compared to Rs 10.71 crore in the year-ago period. The company's net revenue during the quarter was at Rs 692.22 crore, up 30 percent compared to Rs 532.97 crore in the year-ago quarter.

Also, the company's profit after tax (PAT) increased 105 percent year-on-year to Rs 51.6 crore for the nine-month period that ended in December 2022 and revenues went up by 21.5 percent year-on-year to Rs 2,226.2 crore in the same period.

Shares of Pennar Industries are trading 9.52 percent higher at Rs 80.50.

(Edited by : Rukmani Krishna)