Investors fear the fire may lead to losses in crores and hit the firm, which is already feeling margin pressure. Shares of the electrical equipment company are down 0.5 percent at Rs 1,214 on the BSE.
Fire at #havells plant neemrana on Wednesday night
There were no reports of any casualties due to the fire. pic.twitter.com/aiRA7izese— Sumit Mehrotra (@SumitResearch) July 28, 2022
The company’s Neemrana plant makes CFLs, HID lamps, motors and lighting fixtures. The company website states that the plant is one of the largest and most automated water heater plants in India and is spread over 194,249 square metres.
Authorities have not been able to ascertain the cause of the fire yet, and a probe is on. Havells has another plant in Alwar, at two hours drive from the Neemrana plant, that manufactures industrial and domestic cables.
The company released its financial earnings report for the April-June quarter on July 20. Havells reported a strong year-on-year revenue expansion but a lower margin in the first quarter of the financial year 2023.
(This is a developing story. Kindly check back for more updates)
First Published: IST
