Hitech Corporation to Shut Down loss making Unit; Stock Rises 11.64%

 Summary:

Hitech Corporation Limited has decided to close operations at its PPMF business unit in GIDC Sarigam, Gujarat, citing continued operational losses, rising production costs, and diminishing market demand. The unit contributed Rs.6.87 crore (1.22%) to the company's total revenue of Rs.563 crore in FY 2023-24, with a negative 0.23% impact on overall profitability and net worth.

Stock Performance:

  • Hitech Corporation's stock rose nearly 12%, surging to Rs.219.99 from the previous close of Rs.197.05 per share.

  • Market Cap: Rs. 366.77 Cr.


Key Data Points:

  • Location: GIDC Sarigam, Gujarat
  • Unit Turnover: Rs.6.87 crore (1.22% of total revenue)
  • Company Turnover (FY 2023-24): Rs.563 crore
  • Reason for Closure: Unviable operations due to losses, rising costs, and weak demand
About the Company:

Incorporated in 1991, The Hitech Group is a leading Indian conglomerate that operates across diverse sectors, including the manufacturing of plastic packaging for various industries, trading in speciality chemicals, personal care formulations, and food & nutrition.

Disclaimer:
The information provided on Equity Insights Hub is for educational and informational purposes only. We do not provide financial or investment advice. Readers are advised to consult a SEBI-registered financial advisor before making any stock market decisions. Equity Insights Hub is not responsible for any financial losses.

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