Indian Card Clothing Company Ltd has entered into a Memorandum of Understanding (MOU) on the 18th of April, 2018, with its Labour Union for permanent discontinuation of the operations at its factory situated at Pimpri, Pune. This mutual decision has been necessitated due to the continuous operational losses at the Pimpri factory for a period of last 4 to 5 years.
The Company shall, in accordance with the terms of the MOU, undertake to pay the dues to the unionised employees in full and final settlement. Necessary confirmation to this effect shall be promptly intimated to the Stock Exchanges.
There is no disruption, in the manufacturing operations at the Nalagarh factory of the Company.
Shares of INDIAN CARD CLOTHING CO.LTD. was last trading in BSE at Rs.160 as compared to the previous close of Rs. 155. The total number of shares traded during the day was 582 in over 17 trades.
The stock hit an intraday high of Rs. 165 and intraday low of 157. The net turnover during the day was Rs. 92534.