The overall mood of the market has impacted the stock price of Kirloskar Ferrous today, despite the company having some good news to share.
The company, yesterday late evening announced it has commissioned operations at its 20 MW Power Generation plant attached to the Coke Oven Plant situated at Bevinahalli Village, Karnataka.
The power will be generated by using waste gas generated from the Coke Oven Plant.
It will be utilized primarily for captive consumption resulting in reduction of power cost.
Coke is the main raw material required for the production of pig iron. Till date, the company was buying it from domestic suppliers as well as importing it. With this commissioning of this plant, its costs will come down as dependence on imported coke will come down sharply.
This news has been ignored by the market and the stock price is in the red and it fell over 6% to hit an intraday low at Rs.60.65. It remains in the red at Rs.62 levels.