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Shree Cement tumbles on halting production in Rajasthan

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Shree Cement slumped 14.40% to Rs 16217.90 after the company said it has shut all its plants located in Rajasthan till 31 March 2020.

In an exchange filing made on Sunday (22 March 2020), the cement maker announced that the Government of Rajasthan has issued directions for closure of all production facilities in the State of Rajasthan in order to control the community transmission stage of Covid-19 disease.

As a responsible corporate entity, the company also believes that health & safety of all of its people is of utmost concern and priority. Therefore, the company fully extends its support and cooperation to the directions of the Rajasthan State Government. The company accordingly is undertaking measures to shut down all plants based within Rajasthan until 31 March 2020, or till further notice.

Shree Cement is primarily an Indian cement manufacturer. It also produces and sells power under the name Shree Power and Shree Mega Power.

On a consolidated basis, the company's net profit fell 5.2% to Rs 309.63 crore on a 0.2% rise in net sales to Rs 3146.01 crore in Q3 December 2019 over Q3 December 2018.

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

First Published: Mon, March 23 2020. 11:30 IST