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Bimetal Bearings re-aligns production due to slow down in auto ancillary industry

Capital Market 

Bimetal Bearings announced that due the severe down-ward situation prevailing in the Auto Ancillary Industry there will be temporary dislocation of production activities ranging from 15 to 20 days on different days in various plants during the Calendar Quarter ending 30 September 2019.

The company is aware that the present situation is aggravated due to stress in liquidity, financing of commercial vehicles, high GST rates, reduction in engine overhaul cycle apart from high interest costs which the industry is undergoing / facing in a never seen before crisis situation

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 22 2019. 19:18 IST