Indsil Hydro suspends smelting ops on weak market conditions

Company is laying off about 70 employees at Palakkad unit in Kerala for a month

Indsil Hydro Power and Manganese Ltd today said it is suspending smelting operations at its Palakkad unit for a month on weak market conditions and has declared a layoff for all workers.

"Due to very weak market conditions, the company has suspended its smelting operations for an approximate period of a month. Subsequently, a layoff for all workmen has been declared," the company said in a BSE filing.

It said it expected normal operations to resume next month.

The company has its smelter unit at Palakkad in Kerala.

"We are laying off about 70 employees at Palakkad unit in Kerala for a month," a company official said.

The shares of the company were trading at Rs 39.40 apiece, up 0.13 per cent on BSE at 13.40 HRS.