Hitech Corporation Limited to close PPMF business unit

Hitech Corporation Limited has decided to close all operations undertaken at its "PPMF business unit" situated at 4615/16 Plastic Zone Road, Manda Village, GIDC Sarigam, Gujarat - 396 155.

The turnover of the PPMF Unit during FY 2023-24 was Rs.6.87 crores (1.22%) being significantly low in relation to the turnover of the company i.e. Rs.563 crores. Profit and net worth of the unit was negative 0.23% of the Company's total profitability and net worth for FY 2023-24.

Considering unsatisfactory performance of the Unit attributable to unfavorable market conditions, increase in production costs and diminishing market demand clubbed with continued operational losses, it is unviable to continue running the Unit.

Shares of Hitech Corporation Limited was last trading in BSE at Rs. 194.70 as compared to the previous close of Rs. 162.25. The total number of shares traded during the day was 12096 in over 236 trades.

The stock hit an intraday high of Rs. 194.70 and intraday low of 162.25. The net turnover during the day was Rs. 2263466.00.

Source : Equity Bulls

Keywords

HitechCorporation INE120D01012 BusinessClosure PPMFUnit