KIOCL Shares Drop 3% as Mangalore Pellet Plant Operations Temporarily Halted

10 Jan 2024 , 01:40 PM

KIOCL shares dip by 3% on NSE following the suspension of its Mangalore pellet plant unit’s operations.

At the time of writing, stocks traded at Rs 358.20, reflecting a 3.10% decline from the previous close.

The company announced the temporary suspension in an exchange filing on January 10 due to the non-availability of iron-ore fines.

KIOCL plans to inform the exchanges about the resumption of plant operations once iron-ore fines become available.

This suspension follows a similar shutdown on December 12, 2023, under comparable circumstances, with operations resuming on December 19th.

In Q2FY24, KIOCL reported standalone net sales of Rs 431.24 crore in September 2023, a significant increase from Rs. 154.47 crore in September 2022.

The net loss for the reporting period rose to Rs. 21.39 crore from Rs. 102.22 crore in September 2022, while EBITDA dropped to Rs. 8.70 crore in September 2023 from Rs. 93.34 crore in September 2022.

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