The operations may resume from second half of October 2020.
Tata Metaliks on Saturday (19 September 2020) informed about the execution of a planned shutdown of one of its blast furnaces and its associated facilities at the company's Kharagpur plant."The shutdown is for repair & maintenance including hearth profiling," the company said in a BSE filing. The operations are expected to be back on stream in 2nd half of October 2020, it added.
Tata Metaliks manufactures pig iron and ductile iron pipes. The company reported a net loss of Rs 12.36 crore in Q1 FY21 as against net profit of Rs 19.62 crore in Q1 FY20. Net sales during the quarter declined 57.9% on a year-on-year basis (YoY) to Rs 209.94 crore.
The scrip fell 1.28% to Rs 546.45 on the BSE. It traded in the range of 545.40 and 554.60 so far during the day.
On the technical front, the stock's RSI (relative strength index) stood 56.945. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is currently trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 523.05, 495.60 and 520.57, respectively.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
