GOCL Corp declines after accident in Hyderabad plant

GOCL Corporation fell 1.13% to Rs 258.05 after the company informed than an accident occured at its Kukatpally factory in Hyderabad on 26 February 2020.

GOCL Corporation on Thursday said that there was an accident on 26 February 2020 in one of its production shops at the factory at Kukatpally in Hyderabad. The accident damaged some equipment in the particular section of the factory. It resulted in the unfortunate death of a workman and injuries to two others.

The company clarified that there would be no disruption in the operations of the factory. All the assets of the factory are fully insured.

GOCL Corporation, formerly Gulf Oil Corporation, is engaged in the provision of explosive accessories (detonators) (for mining and industrial use); mining and infrastructure, and realty. The company's segments include energetics, mining and infrastructure contracts, realty, lubricating oils and others.

On a consolidated basis, GOCL Corporation announced a 96.1% jump in net profit to Rs 24.87 crore on a 17.7% decline in net sales to Rs 118.71 crore in Q3 December 2019 over Q3 December 2018.

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