Shares of KIOCL fell 3 percent at open on the NSE on January 10, a day after the company suspended operations of its pellet plant unit in Mangalore. At 9:20 am, the stock was trading at Rs 358.90. Over the last one year, stocks for KIOCL gained over 70 percent.
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On January 10 in an exchange filing KIOCL said that it had temporarily suspended the operations of its pellet plant unit in Mangalore due to non-availability of iron-ore fines. The company has said that it will inform the exchanges when the plant will be back in operation. The company had previously shut down the plant on December 12th, 2023 for a week under similar circumstances. It resumed operations on December 19th.
Also read: KIOCL Standalone September 2023 Net Sales at Rs 431.24 crore, up 179.17% Y-o-Y
In Q2FY24, the company had reported standalone net Sales of Rs 431.24 crore in September 2023 up from Rs. 154.47 crore in September 2022. Net loss for the reporting period was Rs. 21.39 crore up from Rs. 102.22 crore in September 2022. EBITDA for the same period was Rs. 8.70 crore in September 2023 against Rs. 93.34 crore in September 2022.
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