NCL to close 51,360 spindles

December 28, 2022 (MLN): Nishat Chunian Limited (NCL) has decided to temporarily close 51,360 spindles after one month amid current market condition, a notice issued by company to PSX on Wednesday showed.

The company has an installed capacity of 219,528 spindles and 2,880 rotors in its spinning division, it added.

However, the remaining units are operating normally, NCL will restart these spindles as soon as market conditions improve.

NCL is engaged in the business of spinning, weaving, dyeing, printing, stitching, processing, doubling, sizing, buying, selling and otherwise dealing in yarn, fabric and made-ups made from raw cotton, synthetic fiber and cloth, and to generate, accumulate, distribute, supply and sell electricity.

Earlier, on December 25, 2022 Nishat Chunian Group (NCG) has announced that company will be participating in Heimtextil Exhibition from 10 to 13 January 2023 in Frankfurt, Germany. We are excited to showcase our products in the international market and interact with existing and potential customers, the company informed through its official twitter handle.

At the time of writing, the scrip of the company is being traded at Rs22.23, which is down by Rs0.64 or 2.80% DoD.

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