Orient Abrasives operations at Porbandar plant suspended due to difficulties in supply of raw material; Stock ends higher

Orient Abrasives Limited informed the exchanges Wednesday that it is currently encountering difficulties in sourcing a specialized grade Bauxite in Gujarat which is an important raw material in its production of Brown Fused Alumina (BFA) and other products at its Porbandar plant situated at GIDC Industrial Area, Porbandar, Gujarat. However, the management of the company is actively working towards finding a sustainable supply of the raw material.

Presently, as a result of this raw material shortage, a significant part of the company’s Porbandar operations are suspended, which may temporarily lead to an adverse impact on the company’s performance.

Other value added high quality ceramic products and hydrocarbon solutions of the company, which are not dependent on the Porbandar Plant, continue to do well.

Orient Abrasives Ltd ended at Rs27 per piece up by Rs0.55 or 2.08% from its previous closing of Rs26.45 per piece on the BSE.

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( With inputs from indiainfoline)