The share price of Emami Paper Mills soared about 10.4 percent in early trade today on the back of Odisha Government’s approval for its proposed expansion plan. The shares opened at Rs 127.80 on the BSE and hit an intraday high of Rs 134.00, up 10.42 per cent from its yesterday’s close of Rs 121.35. The stock had climbed its 52-week high of Rs 152.20 on 03 November 2016, while it hit its 52-week low of Rs 54.00 on 11 July 2016.
At 10:01 a.m. the stock was being quoted at Rs 128.10 up 5.56 per cent on the Bombay Stock Exchange. The stock is not listed on the National Stock Exchange while they were listed on the BSE on 15 June 2010.
The company received in-principle approval for increasing capacity of multi-layer coated board manufacturing at Balgopalpur in Odisha at an estimated cost of Rs 650 crore. Odisha government in a statement said that this expansion would generate around 1,750 direct and indirect employment.
“On the back of sustained performance of its first packaging unit at Balasore, which is touching almost 1,80,000 TPA (tonnes per annum) mark, the company is now planning to put in place a similar plant of multi-layer coated board,” Emami Paper Mills said in a statement.
Emami Paper Mills Ltd is located in Balasore (Orissa) and Kolkata (West Bengal) and is a paper mill based on recycled fibre. The company is a constituent of the Emami Group, which possesses diverse business interests comprising FMCG, edible oil, writing instruments, healthcare, retail departmental stores and real estate.
Emami Paper Mills Ltd is the largest newsprint manufacturer in India. The company supplies newsprint to some of the largest dailies like The Times of India, Anandabazar Patrika, The Telegraph, Hindustan Times, The Hindu, Prabhat Khabar, Samaj, Bartaman, Dainik Bhaskar, Dainik Jagaran, Malayalam Manorama and Deccan Herald. It’s writing and printing papers are supplied directly and through dealers to government printing presses and textbook presses.