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IFGL Refractories has informed the exchanges that there has been an explosion in the Tianjin Industrial Area of China where the company’s two subsidiaries - Tianjin Monocon Refractories Ltd and Tianjin Monocon Aluminous Refractories Co Ltd - are located. Though there has been no major damage to the company’s facilities, all operations have been temporarily suspended by the local authorities but are expected to restart shortly. Shares of IFGL closed almost flat at ₹129.20 against the previous day’s close of ₹129.95 on the NSE.
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