Graphite India Ltd has clarified with reference to news reports appearing in a section of the media as regards pollution issues pertaining to our Bengaluru graphite electrode plant.
Graphite India Ltd has always been a law abiding entity and gives utmost importance towards statutory compliances including environment matters.
As regards the Bengaluru plant, the Company got a favourable ruling In June, 2013 from the Karnataka State Appellate Authority. The complainants approached National Green Tribunal (NGT) and the matter is currently pending there. Application to the Pollution Board for consent has been made well in time.
The company rationalised its operations in the Bengaluru plant in spite ofthe aforesaid favourable ruling from the Appellate Authority. Thereafter, in accordance with its business needs, extent of production activities in the said plant have since been reduced substantially. As part of its continuing efforts after the Appellate Authority order of June 2013, the Company has in fact decommissioned extrusion and old baking furnaces in Bengaluru which has resulted in significant reduction in number of stacks and fuel consumption, leading to further reduction of emissions. The Company is confident that its stack emissions are well within prescribed norms. As regards Ambient Air quality, besides emissions from the industry there are various other contributing factors like heavy vehicular traffic, construction activity, metro rail work and other industrial activity, which also needs to be looked into by the authorities.
Shares of GRAPHITE INDIA LTD. was last trading in BSE at Rs.953.4 as compared to the previous close of Rs. 985.8. The total number of shares traded during the day was 58035 in over 2370 trades.
The stock hit an intraday high of Rs. 998.65 and intraday low of 941.4. The net turnover during the day was Rs. 56572863.