Dynamatic Technologies Ltd - Business Update

Dynamatic Technologies Ltd has received Notification from Tamil Nadu Government bearing No. 18189/2021, issued by the District Collector Office, Coimbatore, for acquiring the Company's Wind Farm lands admeasuring 370 acres, situated at Varapatti Village, Sulur Taluk, Coimbatore, for setting up of Defence Industrial Corridor. The Company has acknowledged the receipt of the said notification by showing its willingness to be part of this significant initiative from the State Government of Tamil Nadu and of national importance.

The Company's step-down subsidiary Eisenwerk Erla GmbH, Germany (EEL) is in the process of transformation from automotive/foundry-focus to aerospace business.

Considering the various challenges viz., supply chain crisis at OEMs; current inflation in Europe; steep and unpredictable increase in the cost of gas and electricity being faced by corporations across Europe, EEL based on the professional advice from experts has decided to undertake corporate restructuring measures through "Protective Shield process by selfadministration" under the applicable German Laws. The protective shield process is a management led administration process that offers a solution for the company in the current context and business environment.

Shares of Dynamatic Technologies Limited was last trading in BSE at Rs. 2689.90 as compared to the previous close of Rs. 2645.00. The total number of shares traded during the day was 1283 in over 417 trades.

The stock hit an intraday high of Rs. 2750.00 and intraday low of 2682.65. The net turnover during the day was Rs. 3475907.00.

Source : Equity Bulls

Keywords

DynamaticTechnologies INE221B01012 CoimbatoreLand Subsidiary Germany BusinessUpdate