The contract terminated due to some management and financial issues at the end of Kyen Resources Pte. Ltd., Singapore.
Shares of Gravita India touched 52-week low of Rs 69.50, slips 9 percent intraday Monday as order worth Rs 300 crore has been terminated.
The order for supply of 18,000 MT of Pure Lead and Lead Bullion worth Rs 300 crore from Kyen Resources Pte., Singapore could not be completed and the contract entered with them has been terminated due to some management and financial issues at the end of Kyen Resources Pte. Ltd., Singapore, company said in release.
Till date the company has supplied approximately 3,800 MT of material to Kyen Resources and company has planned to divert the remaining supply of 14,200 MT to some other customers.
The management of the company is of the view that termination of above contract will not have any material impact on the financials of the company as the company is already having an order book of approximately Rs 260 crore in hand for lead, aluminium and plastic products.
At 10:56 hrs Gravita India was quoting at Rs 71.25, down Rs 5.40, or 7.05 percent on the BSE.
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