Emami Paper slumps after fire accident in Odisha factory

Emami Paper Mills hit a lower circuit limit of 5% at Rs 75.30 after the company said a fire broke out at its factory in Odisha.

A fire accident occurred at around 11:30 IST on 10 March 2020 at one of the raw material godowns in the company's factory at Balasore (Odisha).

The fire has been brought under control and there is no loss or injury to human life. The company has full insurance coverage for this and has informed the insurance company about the incident. All the activities at the aforesaid plant are normal and there is no material loss or significant financial impact. There is sufficient stock of raw materials at the plant, the company said in a notification during trading hours today, 11 March 2020.

Emami Paper Mills is engaged in the manufacture of newsprint and writing and printing paper. The company's net profit surged 222.9% to Rs 18.50 crore on a 7.4% rise in net sales to Rs 400.08 crore in Q3 December 2019 over Q3 December 2018.

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