Hitech Plast a victim of Jat agitations

The stock price of Hitech Plast is just about holding on to the shred of green , up some 0.07% at Rs.151. But the mood on the counter remains very somber.

The company had announced earlier that the manufacturing operations at its Rohtak Unit had been disrupted from February 20, 2016 due to damage caused by agitators at IMT Rohtak, Haryana. The company said then that it was in the process of ascertaining the damage / loss and would take all the necessary steps to restart the operations at the earliest. The Company has necessary insurance cover.

The update came in yesterday evening – the company has said that damage is quite extensive as major portion of its plant and machinery and building has been damaged due to the fire set off by the agitators. For now its manufacturing at this factory remains suspended. The company has made the necessary insurance claim but the fact that it is losing manufacturing days is worrisome.