Hitech Corporation Limited discontinues operations at Sitarganj unit

As part of strategy to rationalise the production facilities towards profitable products and optimise the cost, the operations at the manufacturing facility of the Company situated at Sitarganj (Uttarakhand) has been discontinued and shifted to some other manufacturing units of the Company with effect from October 16, 2020 due to reduction in offtake by some of the major customers of the Company.

The said unit was having turnover of Rs. 39.5 crores constituting approximately 8% of total turnover of the Company for the financial year 2019-20 and was not contributing to the Net Worth of the Company for the last two years.

This will lead to savings in overheads and administrative costs.

Shares of Hitech Corporation Ltd was last trading in BSE at Rs.82.1 as compared to the previous close of Rs. 84. The total number of shares traded during the day was 325 in over 6 trades.

The stock hit an intraday high of Rs. 84 and intraday low of 82.05. The net turnover during the day was Rs. 26800.

Source : Equity Bulls

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