Titagarh Wagons said that it has lifted the suspension of work at its factory near here from Monday.
The company had suspended work on September 6 following alleged hooliganism at the plant. Lifting of suspension came after a tri-partite agreement among the company, the State Government and the workers’ representatives.
The company said operation at the plant was affected during the last month of the July-September quarter. JP Chowdhary, Chairman of the company, told
In notes to the quarterly profit and loss account, the company also said that though it had entered into a contract with the Indian Railways for supplying 1,538 wagons during the fiscal, lower pricing of wagons this year and higher input cost caused a margin squeeze.
“Considering the market situation as also as a prudential practice, we have recognised a loss of Rs 17.10 crore during the quarter,” Chowdhary said.
The company reported a net loss of Rs 10.25 crore during Q2 against a net profit of Rs 1.77 crore in the corresponding quarter last financial year.
Merger of subsidiaries
Meanwhile, Titagarh Wagons has planned to merge some of its subsidiaries with it. A scheme of amalgamation of the subsidiaries aims to absorb the businesses or interests of the companies.
As a result, Cimmco Ltd, another subsidiary of the company, would be a wholly-owned subsidiary. The fledgling ship-building business of the group would also be merged with TWL. Currently, the group operates a brownfield Hooghly riverside yard. It is also developing another Greenfield facility near here.
On the BSE, the stock closed at Rs 269, up 3.62 per cent.