Greenpanel Industries gains after Uttarakhand-based plant resumes operations

Greenpanel Industries rose 2.14% to Rs 413.70 after the company announced the resumption of manufacturing operations at company's MDF Plant at Rudrapur, Uttarakhand.

In an exchange filing made during market hours today, the company said that the manufacturing operations at company's MDF plant at Rudrapur, Uttarakhand resumed on 26 December 2021 after repair of refiner and change of defective components. The normal operations of the plant have now been restored and it is running at its full capacity.

The loss incurred due the breakdown of the refiner and loss of profit due to shut down of the above plant beyond 14 days are covered under insurance policy.

Insurance claim shall be lodged with the insurer after ascertaining the amount of actual loss and upon receipt of necessary documents from the OEM, the company said.

Greenpanel is India's largest manufacturer of wood panels. Its manufacturing plants in Uttarakhand and Andhra Pradesh make top-quality medium density fibreboard (MDF), plywood, veneers, flooring and doors.

On a consolidated basis, Greenpanel Industries' net profit surged 264.60% to Rs 67.05 crore on 87.76% increase in net sales to Rs 422.22 crore in Q2 September 2021 over Q2 September 2020.

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