India's Rashtriya Chemicals up 2% on favourable arbitration award

Rashtriya Chemicals and Fertilizers

07/06/2023 07:47

** Shares of Rashtriya Chemicals and Fertilizers  RSTC.NS 
rise as much as 2.26% to a one-month high of 110.80 rupees
    ** Uptick after the chemicals and fertilisers' maker
receives a favourable award in arbitration between RSTC and
contractor
    ** Matter pertains to recovery of damages, losses for
breakdown of two gas turbo generators
    ** Arbitrator directs contractor to pay 1.74 bln rupees with
interest of 10% from the date of claim along with the
arbitration cost of 9.5 mln rupees
    ** Trading volume is 4.73 mln shares as of 12:13 p.m. IST,
1.4 times the 30-day avg - Refinitiv data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))