In view of a slowdown in parts of the power sector, which has led to a rationalization of the workforce of the Company at various stages, to keep costs in line with the existing backlog and operating levels.
The Company had opened Voluntary Retirement Schemes ('Schemes') at various locations for its workmen. Majority of the workmen participated in such schemes at Vadodara & Shahabad; and as a consequence, including the current market situation, it is not viable for the management to operate the factory located at Shahabad, and the said factory shall be closed w.e.f. 11/10/2018.
The operations at Maneja (Vadodara) factory were discontinued w.e.f. 27/08/2018.
In view of closure of the aforesaid factories, the management is exploring and evaluating various options to dispose of the land and building, including machinery & equipment related to these factories, subject to necessary approvals.
The trading window shall remain closed from 10/10/2018 (6 p.m. onwards) to 12/10/2018 (both days inclusive).
Shares of GE Power India Ltd was last trading in BSE at Rs.714.8 as compared to the previous close of Rs. 720. The total number of shares traded during the day was 674 in over 51 trades.
The stock hit an intraday high of Rs. 729.95 and intraday low of 708.2. The net turnover during the day was Rs. 482686. |
Follow @equitybulls