Seshasayee Paper rises on getting nod to secure environmental clearances for expansion.
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Seshasayee Paper is currently trading at Rs. 280.80, up by 2.80 points or 1.01% from its previous closing of Rs. 278.00 on the BSE.
The scrip opened at Rs. 276.75 and has touched a high and low of Rs. 282.40 and Rs. 276.55 respectively. So far 1299 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 349.00 on 31-Oct-2022 and a 52 week low of Rs. 160.00 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 284.50 and Rs. 270.50 respectively. The current market cap of the company is Rs. 1775.37 crore.
The promoters holding in the company stood at 42.78%, while Institutions and Non-Institutions held 27.21% and 30.01% respectively.
Seshasayee Paper and Boards has received in-principal approval from the Board to secure environmental clearances to take up expansion work of its project under the Mill Development Plan-IV in Erode facility. The proposed plan is to augment the production capacity of pulp and paper at its manufacturing unit in Tamil Nadu.
The enhanced pulping capacity would help the company to replace the costlier purchased pulp and reduce the overall cost of manufacturing per tonne of paper in the unit at Tirunelveli and the Servalakshmi unit. The company has filed the necessary applications with the Ministry of Environment and Forests for Climate Change for Environment Clearances.
Seshasayee Paper and Boards (SPB), the flagship company belonging to ‘SPB-ESVIN GROUP’, owns and operates. It operates an integrated pulp, paper and paper board Mill.
