Seshasayee Paper gains over 3.5% after work resumes in Erode unit

The company is awaiting the permission of District Collector to restart operations at its Tirunelveli unit.

Apr 16, 2020 02:04 IST India Infoline News Service

Seshasayee Paper & Boards has commenced operations at its unit in Erode on April 13, 2020. The company expects the production ramp-up to be slow until May 3, 2020.

The company is awaiting the permission of District Collector to restart operations at its Tirunelveli unit.

“We had intimated you that both the units of the Company (Units in Erode & Tirunelveli) had closed from midnight of March 24, 2020, in response to the measures to curb the spread of Covid-19 Virus,” Seshasayee Paper said to an exchange filing.

The stock is currently trading at Rs132, up by Rs5.4 or 4.27% from its previous closing of Rs126.60 on the BSE.

On April 10, 2020, the Collector of Namakkal District has given permission to the Company to recommence its operations in Unit at Erode, with a skeletal staff, following all precautions in every shift and by ensuring full hygenic care and protection of the employees.

Accordingly, the company had recommenced its operations in its unit at Erode on April 13, 2020. The Company expects the production ramp-up to be slow until May 3, 2020, considering the extension of the ongoing nation-wide lockdown, Seshasayee Paper added.

The Company has given a similar representation to the Collector of Tirunelveli District, to re-commence its operations in Unit at Tirunelveli and is awaiting the orders of the Collector.

The Registered Office of the Company is also now open from April 13, 2020.

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