Operations disrupted at GNFC's Nitrophosphate Group of Plants

Gujarat Narmada Valley Fertilizers Company Ltd (GNFC) has announced that on June 01, 2007 at 20:50 Hrs., operations of the Nitrophosphate Group of Plants consisting of Weak Nitric Acid (WNA), Concentrated Nitric Acid (CNA-I/II) Ammonium Nitrophosphate (ANP) and Calcium Ammonium Nitrate (CAN) Plants were disrupted as the Cooling Tower facilities of these plants was damaged. Consequently, normal operating plants i.e. WNA, CNA-I & II, ANP and CAN were stopped one by one as per safety shutdown procedure. Vigorous efforts for repair are underway to restart these plants in three to four weeks time.

The disruption in operation of Nitrophosphate Group of Plants has not affected the operations of the other major plants such as Ammonia, Urea, Methanol, MSU, Formic Acid, Acetic Acid, Aniline and TDI plants of the Company and they continue to operate smoothly.

There has been no incident of fire or of human injury.

The Company has taken Mega Insurance Policy cover including cover for fire, machinery break-down, loss in transit and business interruption arising out of the same.

The stock closed the day at Rs.111.10, down by Rs.0.60 or 0.54%. The stock hit an intraday high of Rs.116 and low of Rs.111.05. The total traded quantity was 233767 compared to 2 week average of 133894.

Source : Equity Bulls

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