Indian Metals & Ferro Alloys fell 5.52% to Rs 301.50 at 14:14 IST on BSE after the company said two furnaces at its Therubali plant have been shut following agitations.
The announcement was made during trading hours today, 27 June 2018.Meanwhile, the S&P BSE Sensex was down 257.73 points, or 0.73% to 35,232.31.
On the BSE, 4725 shares were traded in the counter so far compared with average daily volumes of 7,572 shares in the past two weeks. The stock had hit a high of Rs 316.15 and a low of Rs 300.10 so far during the day. The stock hit a 52-week high of Rs 794.80 on 23 October 2017. The stock hit a 52-week low of Rs 291.50 on 5 June 2018.
Indian Metals & Ferro Alloys announced that a group of agitators have once again disrupted operations at the Therubali plant this morning by preventing workers from entering the premises leading to the shutdown of two furnaces.
The firm has updated the district administration about steps taken to fulfill certain demands which were agreed to in a meeting chaired by the district collector on 10 May 2018 following which the previous agitation was called off.
The company hopes the current situation is resolved soon as it apparently pertains to non-fulfilment of the said demands made earlier.
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Net profit of Indian Metals & Ferro Alloys declined 97.18% to Rs 4.90 crore on 24.64% decline in net sales to Rs 443.27 crore in Q4 March 2018 over Q4 March 2017.
Indian Metals & Ferro Alloys is fully integrated producer of ferro alloys.
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