Textile Company Nishat Chunian Temporary Shut Down due to Economic Crisis

NCL (Nishat Chunian Limited) shared a notice to PSX (Pakistan Stock Exchange) to temporary shut down its 51,360 spindles after one month due to ongoing market condition.

The firm has installed capacity of 219,528 spindles and 2,880 rotors in its spinning division.

Where the rest of the divisions are operating as per schedule,as soon as market condition improves NCL will restart these spindles.

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.

First Indus Motor Shut Down its Production Plant in Pakistan and then Pak Suzuki Announces Temporary Shutdown of Automobile, Motorcycle Plants. Pakistan is facing huge economic crisis.