Birla Corp goes southwards

Birla Corporation is showing a lot of action today, with volumes rising over four time but unfortunately, this journey is southwards. The stock price slipped over 14% to Rs.485; it has recouped since then and is now at Rs.534 levels, down some 5%. Its 20% LC is at Rs.451.85.

On Saturday, the company stated that the Principal Bench of National Green Tribunal on 8th March, 2019 has ordered it to stop all mining activities which are being carried on within the municipal limits of Chittorgarh City and within 10 km of Bassi Wildlife Sanctuary or within Eco-Sensitive Zone of Bassi Wildlife Sanctuary.

This order of the NGT affects its mining operations at Chanderi and the company said that it needs to assess the material impact of this order.

The company runs one of the oldest jute mills of India, which turned 100 this year but its mainfray is cement, with 10 cement plants at seven locations, Satna & Maihar (Madhya Pradesh), Raebareli & Kundanganj (Uttar Pradesh), Chanderia (Rajasthan), Butibori (Maharashtra) and Durgapur (West Bengal).