The stock of Rain Industries Ltd has lost 4.25 per cent on the BSE to end at ₹196.05 on Wednesday after a disclosure by the company that its arm has stalled operations in one of its kilns.
Rain CM Carbon (Vizag) Ltd, a wholly-owned subsidiary of Rain Industries Ltd, has shut down one kiln due to shortage of raw petroleum coke (RPC).
The company is engaged in the business of manufacture and sale of calcined petroleum coke and co-generation of electricity through waste gases supported by emissions scrubbing at Visakhapatnam, Andhra Pradesh. Rain has two kilns in the location.
Lack of sufficient raw materials
“Due to a lower allocation of raw petroleum coke by DGFT for FY23 than in the previous years, the lack of sufficient raw materials has now reached a level forcing the company to shut down one kiln, until further notice,’‘ Rain Industries informed the BSE.