Sree Sakthi Paper Mills drops plan to implement cogeneration plant

Sree Sakthi Paper Mills Ltd has announced that the Board of Directors of the Company at its meeting held on August 31, 2007, has decided not to implement the setting of 2 MW cogeneration Plant since it was not found financially not viable and not advantageous to the Company. Under the circumstances, the Board has recommended the usage of funds of Rs 700 lacs raised for the cogeneration plant project to alternate purposes. In this connection, necessary resolution has been included as an item of Agenda in the ensuing Annual General Meeting for the consideration of the Shareholders.

The stock closed the day at Rs.15, up by Rs.1.02 or 7.30%. The stock hit an intraday high of Rs.15.90 and low of Rs.14. The total traded quantity was 237646 compared to 2 week average of 29928.

Source : Equity Bulls

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