Accidental Fire at Matoda spinning unit of Aarvee Denims and Exports Limited

On 27th April 2021, at around 10:30 P.M., an accidental fire broke out at our Matoda Spinning unit situated at Sarkhej-Bavla Highway, Ahmedabad.

The Fire was brought under control yesterday. Fortunately, all staff members and workers are safe. No one was injured due to fire.

Due to fire, a part of inventories, and some portions of plant & machineries and some buildings of the Matoda Unit have been damaged. The Company has lodged a preliminary claim with the Insurance Company.

The production of the Matoda spinning unit was stopped, however, the company has partially restarted the production of the said unit today. The Production at the other two units of the company, namely Narol Unit and Vijay Farm unit is continued without any disruption.

Shares of AARVEE DENIMS & EXPORTS LTD. was last trading in BSE at Rs.20.5 as compared to the previous close of Rs. 20.65. The total number of shares traded during the day was 4349 in over 26 trades.

The stock hit an intraday high of Rs. 21 and intraday low of 20.1. The net turnover during the day was Rs. 89075.

Source : Equity Bulls

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