Yashraj Containeurs closes 3 Units

Yashraj Containeurs Ltd has operating from 5 locations Daman, Howrah - Kolkata, Rai - Sonipet, Chennai and Visakhapatnam.

The Government of India issued a notification in March 2012, reserving 100% procurement of barrels and drums by Public Sector Companies exclusively from SSI sector only. Due to the change in government policy, and considering the total investments in plant and machinery taken together for all units exceeding 5 crores outer limits, company's SSI registration of Visakhapatnam, Chennai, Howrah - Kolkata and Rai - Sonipet were cancelled by respective GM-DIC of those locations.

Due to the change in policy of the Government the said fours units depending solely on orders from Public Sector Oil companies has no further business coming from the companies namely Bharat Petroleum Corporation Limited, Indian Oil Corporation Limited and Hindustan Petroleum Corporation Limited.

Hence, the company has initiated closure of the units by settling the dues of the employees. The company has already closed operations at Visakhapatnam, Chennai and Howrah and settled the dues. It is now in the process of closing operations at Rai-Sonipet. The operations at Daman unit will continue.

Shares of YASHRAJ CONTAINEURS LTD. was last trading in BSE at Rs.9.14 as compared to the previous close of Rs. 9.48. The total number of shares traded during the day was 200 in over 4 trades.

The stock hit an intraday high of Rs. 9.14 and intraday low of 9.14. The net turnover during the day was Rs. 1828.

Source : Equity Bulls

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