Hindustan Organic Chemicals is locked at upper circuit limit at Rs. 31.25, up by 1.45 points or 4.87% from its previous closing of Rs. 29.80 on the BSE.
The scrip opened at Rs. 31.25 and has touched a high and low of Rs. 31.25 and Rs. 31.25 respectively. So far 24,000 shares were traded on the counter.
The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 35.40 on 25-Apr-2017 and a 52 week low of Rs. 14.70 on 27-May-2016.
Last one week high and low of the scrip stood at Rs. 31.25 and Rs. 28.30 respectively. The current market cap of the company is Rs. 209.92 crore.
The promoters holding in the company stood at 58.78%, while Institutions and Non-Institutions held 0.02% and 41.21% respectively.
The Cabinet Committee on Economic Affairs (CCEA) has approved a restructuring plan for Hindustan Organic Chemicals (HOCL), a loss making and sick Central Public Sector Enterprise (CPSE) under the Department of Chemicals & Petrochemicals. The restructuring plan involves closing down the operations of all the non-viable plants at Rasayani unit of HOCL except Di-Nitrogen Tetroxide (N2O4) plant which is to be transferred to ISRO on ‘as is where is’ basis, with about 20 acres of land and employees associated with the plant.
Financial implications of the plan is Rs 1,008.67 crore (cash) which is to be met partly from sale of 442 acres HOCL land at Rasayani to Bharat Petroleum Corporation (Rs 618.80 crore) and the balance (Rs 365.26 crore) through bridge loan from the government. The funds will be used to liquidate the various liabilities of the company, including payment of outstanding salary and statutory dues of employees and repayment of Government guaranteed bonds of Rs 250 crore due for redemption in Aug-Sept 2017.
The company, having units at Rasayani (Maharashtra) and Kochi (Kerala), has been making continuous cash losses since 2011-12 resulting in acute shortage of working capital. Most of its plants have remained shut down during the last few years. It could not pay regular salary and statutory dues to the employees since February, 2015.
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