Jaiprakash Associates has intimated about the impact of the second wave of Covid-19 pandemic in its business. The company on Tuesday said that owing to the extremely volatile situation in the second wave of Covid-19 pandemic, the cement consumption centers of UP, M.P. & Bihar are closed.
As per the regulatory filing, Jaiprakash stated that the Company has suspended operations of its cement plant at MP and UP from the close of Saturday i.e. 1st May 2021. The Company shall be undertaking maintenance activities of these plants during this time.
The local lockdown has been announced by the State administration.
However, Jaiprakash also said that this is a dynamic situation and we are monitoring it continuously. A decision on the resumption of operations will be taken after evaluation of the situation.
Furthermore, the company stated that the operations of one stream out of three streams of Kanpur Fertilizers & Chemicals Limited, the Company's material subsidiary have also been suspended due to a large no of staff being found corona positive.
At around 2.38 pm, Jaiprakash was trading at Rs7.07 per piece down by 1.7% on Sensex.