Seshasayee Paper advances after getting permission for drawal of water

Seshasayee Paper and Boards gained 6.19% at Rs 769.70 at 14:15 IST on BSE after the company said that it has got permission for drawal of 50% of original sanctioned water quantity.

The announcement was made after market hours yesterday, 3 May 2017.

Meanwhile, the S&P BSE Sensex was up 252.05 points or 0.84% at 30,146.85. Meanwhile, the S&P BSE Small-Cap index was up 62.15 points or 0.4% at 15,493.11.

On BSE, so far 7,898 shares were traded in the counter as against average daily volume of 3,018 shares in the past one quarter. The stock hit a high of Rs 790 and a low of Rs 747 so far during the day. The stock hit a record high of Rs 880 on 6 February 2017. The stock hit a 52-week low of Rs 238 on 23 May 2016.

The small-cap company has equity capital of Rs 12.61 crore. Face value per share is Rs 10.

Seshasayee Paper and Boards said that District Collector, Tirunelveli has now permitted drawal of 50% of the original sanctioned quantity of water for industrial use until further advice. The shortfall in water availability will be met through ground water resources, the company said. This will enable the unit to maintain full production, it added.

On 25 April 2017, Seshasayee Paper and Boards had informed that Revenue Officials of the Tirunelveli District, Tamil Nadu, had announced temporary suspension on drawal of water from River Thamirabharani for industrial use from 1 May 2017.

Seshasayee Paper and Boards' net profit surged 735.11% to Rs 34.49 crore on 33.04% growth in total income to Rs 300.92 crore in Q3 December 2016 over Q3 December 2015.

Seshasayee Paper and Boards operates an integrated pulp, paper and paper board Mill at Pallipalayam, Tamil Nadu.

Powered by Capital Market - Live News