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Pritika Auto Expands Tractor Component Production

Farm ME |Agri components

Pritika Auto expands tractor component production with an ₹11 crore annual order, ensuring long-term growth over the next four to five years.

837 views | Date: December 19, 2024

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Chandigarh - Pritika Auto Industries Limited., a motor vehicle parts company, expands tractor component production with an ₹11 crore annual order, secured for the next four to five years, marking a strategic growth for the company.

Pritika Auto, with a market capitalization of Rs. 460 crores, saw its shares rise by 8%, reaching a day’s high of Rs. 28.65. The stock closed up 6.92% from the previous price of Rs. 26.46. However, it has delivered a negative return of 5% over the past year, underperforming the Nifty Index.

The stock price increase was driven by the company’s announcement of starting commercial production for ordered components, including Intermediate Housing and Axle Housing, from a leading multinational tractor manufacturer in India.

Pritika Group has begun commercial production for a supply order from a multinational tractor manufacturer in India, following successful trials at the customer’s end. The order includes Hydraulic Lift Housing and Axle Housing components.

Pritika Auto Industries has strategically used funds raised through a preferential equity share issue to enhance its manufacturing capabilities. The company also plans to issue rights shares worth up to INR 49.90 crore to support further expansion and reduce debt.