Hindustan Organic Chemicals

State-owned Hindustan Organic Chemicals Ltd (HOCL) on Tuesday posted a consolidated net loss of Rs 23.03 crore for the first quarter of 2023-24 despite witnessing a 17 per cent rise in sales. The company had posted a net loss of Rs 14.76 crore in the year-ago period, according to a regulatory filing. Total income increased 17 per cent to Rs 145.45 crore during the quarter compared with Rs 124.40 crore in the year-ago period. Expenses, too, increased to Rs 171.98 crore during the quarter from Rs 141.65 crore a year ago. HOCL said it is in the process of implementing a government-approved restructuring plan. Sale of unencumbered land in Rasayani through NBCC and Panvel land through e-auction are in progress, while the Phenol plant in Kochi is in operation, it said. "In view of this, the financial statement has been prepared on a going concern basis," it said. The company also said it has undertaken the closure of its subsidiary firm Hindustan Fluorocarbons Ltd and management had m

Hindustan Organic Chemicals locked in upper circuit of 10% at Rs 39.60, rallied 103% in past one month from Rs 19.55, as compared to 3.4% rise in the Sensex.

The board will meet on January 20 to consider the proposal to sell part of the company's land at Rasayani to BPCL.

HOC's total dues in the Rasayani unit towards salary, wages and statutory dues are of Rs 200 cr