Coromandel International gains on partial resumption of work at Vizag plant

Coromandel International has gained around 1.4% on BSE after partial resumption of operations and restoration of power supply at the company's unit at Visakhapatnam where temporary stoppage of work had to be effected in the wake of cyclone 'Huhhud.'
 
The cyclone has not caused any major damage to the company's manufacturing facilities. The company has successfully restored power at its unit through one of its feeder and certain intermediate plants plus one of the granulation plants have started operations, however some persisting problems still need to be addressed. Asset integrity work has been initiated at all the plants and all associated infrastructural plants, the company said in a release.

 
The company estimates the production during the month of October and November, 2014 to be lower than the normal output. The surveyors of the insurance company have started the inspection of the damages while the company has asked the insurance company for an interim release of funds, the release said.

The shares opened at Rs 318 and have hit a high of Rs 326.15 on BSE till 12:08 PM while around 64,000 shares changed hands on BSE and NSE.