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Deepak Fertilisers announces stoppage of production at fertiliser units

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The company said production stopped at fertiliser units at Taloja in Maharashtra on account of complete lockdown announced by the government for containment of Covid19 pandemic.

Deepak Fertilisers & Petrochemicals Corporation in a regulatory filing after market hours on Friday announced that it was forced to stop production in its fertiliser unit [ANP and NPK] for last two days due to evacuation problems arising out of non-availability of transport and manpower for evacuation of finished goods from the plant.

The company has all the approvals in place to continue production of this essential commodity to be able to supply it to farmers but due to complete lock down, it has become impossible to continue production.

Further, the company due to force-majeure conditions, has not been able to utilise gas for production of fertilisers. The company said it will take all the measures to resume production with the help of local administration and will inform stock exchange as and when production of fertiliser unit is resumed.

Prime Minister Narendra Modi on Tuesday (24 March 2020) called for a nationwide lockdown for 21 days to break the chain of the COVID-19 virus. Coronavirus has infected more than 597,458 people and killed more than 27,370 across the world. More than 133,373 people have recovered. India has reported 20 deaths and over 902 cases so far.

Shares of Deepak Fertilisers & Petrochemicals Corporation rose 2.19% to Rs 74.50 on Friday. The stock has slumped 18% in last one month as compared to a 26% fall in benchmark Nifty 50 index.

Deepak Fertilisers and Petrochemicals Corporation is a manufacturer of fertilizers and chemicals.

The company is the only manufacturer of Iso Propyl Alcohol (IPA) in India with an installed capacity of 70,000 MTPA. IPA is the worlds most preferred active in hand sanitiser & rubbing alcohol.

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

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First Published: Sat, March 28 2020. 11:06 IST