Mangalore Chemicals plant damaged due to rain

Mangalore Chemicals & Fertilizers Ltd has announced that due to heavy and incessant monsoon rains in and around Mangalore, two of the cooling tower cells at the Company's plant in Mangalore were damaged on June 23, 2007. In view of the resultant damage, as a measure of caution, the load on the Urea Plant is reduced which is now running at about 90% capacity. Technical experts are assessing the extent of damage to the cooling tower, time required for repairs and the likely impact on production, if any.

Further the Company has informed that, the sad demise of two of its officers due to the collapse of a connecting walk way due to sudden gale winds when they were on their way to inspect the damage to the cooling towers. Two other officers who sustained injuries are receiving medical attention and are recovering.

The stock was trading at Rs.16, down by Rs.0.25 or 1.54%. The stock hit an intraday high of Rs.16.45 and low of Rs.15.95. The total traded quantity was 388997 compared to 2 week average of 409162.

Source : Equity Bulls

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