Pricol to keep Hosur plant shut; stock down 5%

The reason stated for keeping the Hosur plant shut was that there is a change in business strategy in line with customer expectations.

Feb 08, 2019 09:02 IST India Infoline News Service

Shares of Pricol Ltd were down 5% as the company announced that its Hosur plant will stay shut. The reason stated was that there is a change in business strategy in line with customer expectations.

The company had announced in August 2018 that the Hosur plant would commence operations at the end of 2018 and will serve the Bangalore auto cluster. However, the plan has been postponed. 

Pricol Limited, founded as Premier Instruments and Controls Limited is an automotive components and precision engineered products manufacturer[6] based in Coimbatore, India. Pricol also manufacture sintered components and products for fleet management solutions.

Pricol Limited has six manufacturing plants in India, The company has plants in Coimbatore, Manesar, Pune and Rudrapur.The company also has plants in Jakarta (Indonesia) and Sao Paulo (Brazil) and business offices in Tokyo, Singapore, Cologne (Germany) and Detroit (USA). 

Pricol Ltd(Merged) ended at Rs91 up by Rs1 or 1.11% from its previous closing of Rs90 on the BSE.

The scrip opened at Rs90.65 and touched a high and low of Rs92.30 and Rs88.50 respectively. A total of 1,92,328 (NSE+BSE) shares were traded on the counter. 

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