On 14th Oct, Kovilpatti Lakshmi announced of an accident happening at its Foundry Division in Periyanaickenpalayam, Coimbatore during the Bed Grinding Machine was in operation. This had resulted in the death of one of its contract employees. Following this, operations of the part of the factory had been temporarily suspended.
And yesterday late evening, the company said that operations of the part of the Foundry division at had resumed from the 2nd shift on 26th October, 2022.
The company said that though the part of the operations at Foundry division were disrupted due to the said accident in the factory, there is no material impact in the production.
Following this, the stock price jumped to the green today, hitting a new high at Rs.132.70 though it has come off this high on profit booking and is now trading at Rs.127 levels.
This 58-year old company operates in three divisions - food division, Cast iron and sheet metal fabrication. It also has Wind Mill Division, which has a capacity of 6.25 megawatt.