Polar Pharma extends Orissa factory closure

Polar Pharma has extended the closure of its Balasore factory in Orissa till August 31, 2009, due to non-receipt of order from the central government, the company said in a statement to the Bombay Stock exchange.

On February 2, the company said due to order constraints leading to financial stringency, it is extending closure till April 30, 2009.

"The Management is making all efforts to expedite placement of order by the government and no sooner it is materialized, management will make arrangement for early resumption of the plant operations,'' the company said.

The Company's shares were up 5% at Rs 3.25 on the Bombay Stock Exchange, a little after noon.