Aksharchem India Ltd to stop production of H-Acid plant

Aksharchem India Ltd has announced that H-Acid plant of the Company witnessed adverse economic condition in the recent months. Therefore, it has been decided to stop the production of H-Acid plant for indefinite period with immediate effect.

The above decision has been taken after consideration of optimizing working capital usage of the Company as well as the commercial viability of the product especially in the recent situation in which textile companies are facing record high cotton price which has lowered the demand for dyes.

However, the Company may start revival of the H-Acid production as and when prevailing market condition improves. There will not be any major effect on the performance of the Company.

Shares of AksharChem India Limited was last trading in BSE at Rs. 291.70 as compared to the previous close of Rs. 296.00. The total number of shares traded during the day was 525 in over 85 trades.

The stock hit an intraday high of Rs. 305.30 and intraday low of 290.00. The net turnover during the day was Rs. 155604.00.

Source : Equity Bulls

Keywords

AksharChemIndia INE542B01011 HAcid ProductionStoppage AdverseEconomicCondition