Sterling Tools informs about disclosure relating to impact of covid-19

04 Jun 2020 Evaluate

Sterling Tools has informed that as the Government of India announced Lockdown in India to contain the spread of Covid-19 disease, the manufacturing and other activities were closed from March 22nd, 2020. While the lockdowns and restrictions imposed on various activities were necessary to contain the spread, it has significantly impacted the business operations of the Company. Consequently, revenues and profitability have been adversely affected. But there have been no change in the controls and processes. It has received special permissions to operate its Vemagal, Kolar, Plant at Karnataka with effect from May, 11th 2020 and the other three plants at DLF Industrial Area, Prithla, Palwal and Ballabgarh Plants at Haryana have been opened with effect from 18th May, 2020 but with reduced workforce and in strict compliance with the guidelines/ protocols suggested by Ministry of Health and the other relevant authorities. The registered office at New Delhi has not been opened yet.

The above information is a part of company’s filings submitted to BSE.


 

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