ISRO team suggests measures to restart oxygen production at Sterlite Copper

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Chennai, May 15 | An expert team from the Indian Space Research Organisation (ISRO) on Saturday visited Vedanta Ltd’s copper smelter plant Sterlite Copper and suggested measures to set right the technical snag that halted oxygen production, the company said.

Oxygen production at Sterlite Copper located in Thoothukudi in Tamil Nadu was stopped on Friday due to a technical snag.

According to Vedanta, an expert team from ISRO came to the smelter plant to support the ongoing efforts and collaborate with the company’s technical team.

“They have suggested some measures to help rectify the production snag. This has helped fastrack the repair process for which we are thankful to the local administration, who was instrumental in facilitating this cooperative effort to recommence our oxygen production,” Vedanta said.

On Friday the company said a technical snag had developed in the cold box in the oxygen plant, leading to a temporary pause in production.

“The possibility of minor technical fluctuations was anticipated given that the plant has been unattended for three years,” the company said in a statement.

On Thursday the company said one of its oxygen plants commenced production from May 12.

“The first tanker carrying 4.8 tons of liquid oxygen is going to Tirunelveli/Thoothukudi. We will be dispatching two oxygen tankers on a daily basis to begin with, and gradually scale this up as we expand production,” Vedanta had said.

Vedanta had earlier said it has about 1,050 ton oxygen plant at Sterlite Copper and it is committed to make the entire capacity available for producing medical grade oxygen.

The company had approached the Supreme Court to allow it to protect and maintain its important assets in the smelter plant and permit it to produce 1,050 tonnes of oxygen and supply freely to nearby hospitals and to other states.

The Tamil Nadu government had ordered the closure of the copper smelter plant in 2018 following a violent protest that led to the death of 13 persons in police firing.

The 400,000 ton Sterlite copper smelter plant that has been operating in Thoothukudi for over 25 years with a cumulative investment of about Rs 3,000 crore.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,500, Sensex gains 443 pts

Share Market Closing Bell: Nifty ends above 15,500, Sensex gains 443 pts

On a weekly expiry day, Nifty opened on positive note and have a dip to make an intraday low at 15367.50 level but showed bounce back moment as managed to close at 15556.65 level with a gain of 143 points. Bank Nifty closed the session at 33135 level with a gain of 289.70 points. 45 Out of Nifty 50 ended in green which suggest broad based buying.

All the sectoral indices managed to close in green expect Energy while Nifty Auto was top gainer. Among Nifty Stock, MARUTI, EICHERMOT, HEROMOTOCO & M&M were the top gainers, While RELIANCE, COALINDIA, POWERGRID & GRASIM were the prima laggards. India VIX closed at 20.88 level with a loss of 1.97%. On Technical Front, The Nifty has formed bullish candle but faced resistance at 21 Four-Hourly Moving Average i.e., 15647 which suggest crossing above the same can show more upside rally.

Nifty has been trading in range of 15200-15700 level while breaching either side can suggest further direction of breakouts. Nifty has given above 50-Hourly Moving Averages which indicate it can show upside moment in the counter. On the Nifty OI Data, On the call side ,the highest OI witnessed at 16000 level while on the put side was at 15500 Niftg level followed by 15300 levels. The momentum indicators Stochastic is trading with a positive crossover on a daily chart which suggest northward journey in the Nifty.

The Nifty may find support around 15200 levels while on the upside 15700 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 32300 levels while resistance at 33800 levels.

Overall, Sector specific momentum has been observed, crossing above 15700 Nifty can show more upside rally.

Market entering into buy on dips pattern.

Palak Kothari
Senior Technical Analyst
Choice Broking

Source: Choice India

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The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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