Fire incident at VIP Industries' Bangladesh plant

On January 31, 2023, at around 3 pm IST, fire occurred at VIP Industries Bangladesh Private Limited (Subsidiary of the Company) Plant located at Plot No. 74-83, Epz Mongla, Bangladesh. The Plant manufactures bags and supplies to VIP Industries Limited ("the Company") in India and contributes ~9.9% of the consolidated revenue of the Company.

The fire was controlled, but production operation of the said plant is temporarily disrupted. There are no human injuries or casualties reported. Adequate steps are being undertaken to restore the operation of the plant. The Company is in the process of ascertaining the cause of the fire and the actual loss caused by it.

There is adequate insurance coverage for said plant and intimation to Insurance Company has already been made.

Shares of VIP Industries Limited was last trading in BSE at Rs. 699.10 as compared to the previous close of Rs. 712.70. The total number of shares traded during the day was 5600 in over 618 trades.

The stock hit an intraday high of Rs. 725.95 and intraday low of 696.85. The net turnover during the day was Rs. 3940674.00.

Source : Equity Bulls

Keywords

VIPIndustries INE054A01027 Fire Bangladesh