GOCL Corporation Limited has been facing difficulty in running detonators manufacturing operations, which are of hazardous nature, at Kukatpally due to rapid urbanization and expanding habitation around the factory. This got further accentuated after the surrender of the leased land forming part of the safety distance.
As part of consolidation of Energetics operations at Rourkela under the wholly owned subsidiary namely IDL Explosives Limited, the Board of Directors of our Company has today decided to cease the detonators and other blasting devices manufacturing operations at our factory at Kukatpally, Hyderabad and initiate the required statutory and regulatory actions for the same.
Those employees required for the operations at Rourkela have been re-located, and those not desirous of relocating to Rourkela, a settlement has been reached with its permanent workers union to sever their employment by payment of suitable compensation/ex-gratia and suitable compensation will be worked out for other employees.
The amount of the aforesaid Energetics turnover for the last financial year (F24) and the first halfyear (H1F25) are Rs.9235 lakhs and Rs.2213 lakhs, respectively. The Company will continue to grow its business operations in Electronics Manufacturing Services (EMS).
Shares of GOCL Corporation Limited was last trading in BSE at Rs. 382.30 as compared to the previous close of Rs. 374.70. The total number of shares traded during the day was 1086 in over 95 trades.
The stock hit an intraday high of Rs. 387.00 and intraday low of 380.00. The net turnover during the day was Rs. 415005.00. |
