SRF Ltd shares gained after the company informed the stock exchanges that it would begin operating the Chennai plant in phases after the factory was temporarily shut last month due to flooding on heavy rainfall.
SRF Ltd shares gained over 6 per cent on Wednesday after the company informed the stock exchanges that it would begin operating the Chennai plant in phases after the factory was temporarily shut last month due to flooding on heavy rainfall.
The shares of the company closed 5.03 per cent up at Rs 1344.20. The scrip opened at Rs 1288.95 and touched a high and low of 1360.10 and 1276.85, respectively.
Around 0.45 lakh shares of SRF Ltd exchanged hands on the BSE as compared with two-week average daily volume of 0.11 lakh shares.
The promoters holding in the company stood at 52.38 per cent while Institutions and Non-Institutions held 28.16 per cent and 19.46 per cent respectively.
“The company had said earlier the factory was shut due to flooding of the factory caused by incessant rains. Due to heavy water logging and continuous rain, the damage could not be ascertained as of now”, it said.
However, in its latest communication to the stock exchanges, the company said, “water level has receded in the plant and power and basic utilities have been restored”.
“As this is a complex plant, the production is being started in phases and dipping process has started as of now. Adequate steps are being taken to restore normalcy”, it said.
SRF has nine manufacturing facilities in India, four overseas plants and has about 6,500 employees globally.
Shares of the company were trading at Rs 1,342, up 4.86 per cent on BSE.