Loss-making PSU Hindustan Organics Chemicals'
(HOCL), restructuring plan has been approved by the government, with a financial implication of Rs 1008.67 crore, reported a leading business news agency.
HOCL's non-viable unit at Rayasani (Maharashtra) will be closed down except di-nitrogen tetroxide (N2O4) plant. The plant will be transferred to ISRO.
Power Minster, Piyush Goyal while speaking to a scribe informed that the Cabinet Committee on Economic Affairs (CCEA) has approved a restructuring plan for HOCL.
HOCL is a central public sector enterprise under the Department of Chemicals & Petrochemicals.
HOCL has units at Kochi (Kerala) and Rasayani (Maharashtra), and most its plants for the past few year have remained shut.
Since 2011-2012, the company has been constantly making cash losses and has failed to regularly pay statutory and salary to its employees since February 2015.
Hindustan Organic Chemicals Ltd ended at Rs 29.8, up by Rs 1.15 or 4.01% from its previous closing of Rs 28.65 on the BSE.
The scrip opened at Rs 28.5 and touched a high and low of Rs 30.05 and Rs 28.5 respectively. A total of 105591(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 200.17 crore.
The BSE group 'T' stock of face value Rs 10 touched a 52 week high of Rs 35.4 on 25-Apr-2017 and a 52 week low of Rs 14.7 on 27-May-2016. Last one week high and low of the scrip stood at Rs 31.1 and Rs 28.3 respectively.
The promoters holding in the company stood at 58.78 % while Institutions and Non-Institutions held 0.02 % and 41.21 % respectively.
The stock traded above its 50 DMA.