FACOR ALLOYS LTD withdraws proposed suspension of plant operations

FACOR ALLOYS LTD had earlier announced the temporary shutdown of the manufacturing facilities at the Plant of the Company situated at SHREERAMNAGAR-535 101, Dist. Vizianagaram, (A.P.) w.e.f. 15.07.2023 till further notice, due to steep rise in the Power Tariff for Ferro Alloys industry by the DISCOM in the State of Andhra Pradesh (AP), resulting the unviable situation for running of Plant Operations in view of high input cost and negative margin at the prevailing market price. The matter was under persuasion with the Govt. through 'Andhra Pradesh Ferro Alloys Producers Association' (APFAPA) for considering favourable revision in the power tariff.

The aforesaid matter is under active consideration with the Govt. authorities and the Company is hopeful to get favorable decision for the same.

It is accordingly decided to withdraw the suspension of Plant operations as proposed earlier and the manufacturing facilities will be continuing in the usual course.

Shares of FACOR ALLOYS LTD. was last trading in BSE at Rs. 6.41 as compared to the previous close of Rs. 6.36. The total number of shares traded during the day was 148405 in over 538 trades.

The stock hit an intraday high of Rs. 6.49 and intraday low of 6.35. The net turnover during the day was Rs. 952793.00.

Source : Equity Bulls

Keywords

FACORALLOYS INE828G01013 Suspension Withdrawn