Automotive Stampings resume operations at Chakan; stock gains 3%

The company had temporarily suspended manufacturing operations of all its plants on March 27, 2020, in light of the outbreak of COVID-19 pandemic.

May 08, 2020 01:05 IST India Infoline News Service

Stock Market
Automotive Stampings and Assemblies Ltd. have resumed operations at Chakan plants. The company informed the exchanges Friday that the operations of its plants located at Gat No. 427, Medankarwadi, Chakan and at Survey No. 679/2/2, Alandi Road, Kuruli, Chakan, Taluka: Khed, District: Pune has resumed in a phased manner based on customer demand with effect from May 7, 2020.

The news sent some cheer among the company investors as its stocks rose above 3%. The company shares were priced at Rs15.65 up Rs0.55 or 3.64% at the BSE than the previous closing of Rs15.10.

The company had temporarily suspended manufacturing operations of all its plants on March 27, 2020 in light of the outbreak of COVID-19 pandemic. The company has now received all the necessary permissions from the concerned authorities to resume operations.

“The company will comply all social distancing, safety and hygiene norms directed by central and state Government at workplace to ensure safety and wellbeing of all workers and employees, inspection, trial production etc.,” the company said in a release.

It further added that they can’t envisage financial impact at this stage. “It is too early to envisage the financial impact of this temporary disruption of manufacturing operations at all plants of the company. Its impact will be ascertained in due course based on the culmination of this pandemic outbreak of COVID-19.”

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