Pradeep Metals trades higher on getting patent for new invention

Pradeep Metals is currently trading at Rs. 155.05, up by 1.00 points or 0.65% from its previous closing of Rs. 154.05 on the BSE.

The scrip opened at Rs. 155.95 and has touched a high and low of Rs. 157.00 and Rs. 154.95 respectively. So far 5633 shares were traded on the counter.

The BSE group ‘X’ stock of face value Rs. 10 has touched a 52 week high of Rs. 209.00 on 03-Feb-2023 and a 52 week low of Rs. 81.10 on 01-Jul-2022.

Last one week high and low of the scrip stood at Rs. 161.80 and Rs. 149.00 respectively. The current market cap of the company is Rs. 267.77 crore.

The promoters holding in the company stood at 73.48%, while Non-Institutions held 26.52% stake in the company.

Pradeep Metals has been granted patent for invention entitled ‘Continuous Process for Baking of Cured Friction Material using Electromagnetic Energy’. The invented process completes the baking process in manufacturing of brake pads, drum linings and clutches, used in speed reduction applications, in a shorter duration using microwaves, resulting in saving of energy.

Pradeep Metals is engaged in the manufacture of precision closed die steel forgings.