Asian Paints shuts down chemical plant in Gujarat
In yet another case of closure due to fall in demand from global customers, Asian Paints has temporarily shut down its chemical plant engaged in manufacturing Phthalic Anhydride (used in the manufacture of paints) situated at Ankleshwar, Gujarat.
By Agencies |
MUMBAI: In yet another case of closure due to fall in demand from global customers, Asian Paints has temporarily shut down its chemical plant engaged in manufacturing Phthalic Anhydride (used in the manufacture of paints) situated at Ankleshwar, Gujarat.
According to a source close to development, "The temporary closure is due to fall in demand of chemicals globally and there is enough inventory for current needs."
He added that duration of the closure could be anything between one week and one month.
Asian Paints has two plants in India, one located at Cuddalore in Tamil Nadu, and the second in Gujarat which has been shut down.
The two plants contribute around 3 per cent to the annual revenue of the company.
Asian Paints posted a 15.5 per cent rise in net profit at Rs 131.5 crore in the second quarter of the current fiscal year compared to the same period a year ago.
On BSE Wednesday, shares of the company closed at Rs 944, down 1.33 per cent from its previous close.
According to a source close to development, "The temporary closure is due to fall in demand of chemicals globally and there is enough inventory for current needs."
He added that duration of the closure could be anything between one week and one month.
Asian Paints has two plants in India, one located at Cuddalore in Tamil Nadu, and the second in Gujarat which has been shut down.
The two plants contribute around 3 per cent to the annual revenue of the company.
Asian Paints posted a 15.5 per cent rise in net profit at Rs 131.5 crore in the second quarter of the current fiscal year compared to the same period a year ago.
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On BSE Wednesday, shares of the company closed at Rs 944, down 1.33 per cent from its previous close.
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