Neyveli Lignite Corporation has informed the exchanges that the Cuddalore-Neyveli region has been experiencing excessive rainfall since November 8. According to the weather report, further downpour and cyclonic storm are expected over the next 24 hours. As a result, activity at the open cast Neyveli Mines has been affected resulting in lower power generation in all linked power stations. Pumping out excess water from the mines is in progress. Contingency and disaster management plans are in operation and normalcy in mining operations and power generation is expected to be restored shortly. This is not an unusual occurrence as this occurs usually during North-East monsoons between October and December every year, the company added. Shares of Neyveli Lignite Corporation closed flat at ₹80.80 on the NSE.
Usha Martin has agreed to divest its entire stake of 50 per cent held in Dove Airlines Private Ltd, a joint venture company, at a consideration of ₹8.105 crore subject to certain adjustments. On Monday, the company signed a share purchase agreement for the above divestment. The transaction will be completed upon receipt of approval from the DGCA, Government of India. Following this divestment, DAPL will cease to be a joint venture of the company. Shares of Usha Martin fell 2.05 per cent at ₹14.35 on the NSE.
Sutlej Textiles and Industries has informed the exchanges that workers of Rajasthan Textile Mills, Bhawanimandi, (Rajasthan), a unit of the company, have gone on strike from the first shift on November 9, in support of contract workers’ demand for bonus. Shares of Sutlej Textiles edged down 0.9 per cent at ₹441 on the NSE.