Seshasayee Paper share price climbs 9% as work resumes at Erode unit

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Seshasayee Paper and Boards share price rallied 9.3 percent intraday on April 16 after the company recommenced operations at its Erode unit in Tamil Nadu earlier this week.

The stock has rallied more than 66 percent after hitting multi-year low on March 23. It was quoting at Rs 133.70, up Rs 7.10 or 5.61 percent on the BSE, at 1255 hours.

"On April 10, the collector of Namakkal district has given permission to the company to recommence its operations in Erode unit, with skeletal staff, following all precautions in every shift and by ensuring full hygenic care and protection of the employees," Seshasayee said in its BSE filing on April 15.

The company recommenced operations at the unit on April 13.
The company expects the production ramp-up to be slow till May 3, the last day of the extended nationwide lockdown.

Seshasayee Paper has sought the permission of Tirunelveli collector to resume operations at its Tirunelveli unit.