 "Plywood makers' trade firm in weak market; Uniply, Rushil Decor up 10%")
Shares of plywood manufacturers rallied by up to 11% on the bourses in an otherwise weak market. Rushil Décor, Uniply Industries, Greenply Industries and Century Plywood were up 2%-11% on the BSE as compared to 1.2% fall in the S&P BSE Sensex at 12:58 PM.
Uniply Industries has rallied nearly 10% to Rs 161, extending its previous day’s 20% surge on the BSE, after its board approved the acquisitions of plywood and block board manufacturing plant of Euro Decors Private located at Bachau, Gujarat.
“After considering the growing national demand for the company's products and current order backlog, the board has discussed and approved the acquisition of the Plywood and Block Board manufacturing plant of M/s. Euro Decors Private Limited located at Bachau, Gujarat,” Uniply Industries said in a statement.
The cost of acquisition has been finalized at Rs 42 crore, to be funded by a mix of long term debt and equity. The new plant will augment Uniply's daily production by an incremental 200% over current capacity, it added.
Rushil Décor surged 11% to Rs 305 on BSE on back of three-fold jump in trading volumes. The board of directors of the company, last week, planned to establish the new project at South India to manufacture "Thin MDF" product and expansion of the laminated sheets production.
Greenply Industries was up 3% at Rs 185 after the company said that it has received permission from the Excise Authorities to avail the benefit of exemption and consequential refund of excise duty for a plywood unit.
“The company has received permission from the Excise Authorities to avail the benefit of exemption and consequential refund of excise duty under Notification dated April 25, 2007 for a period of 10 years from July, 2015, in respect of the company's plywood unit situated at Tizit (Nagaland),” Greenply Industries said in a BSE filing.
Uniply Industries has rallied nearly 10% to Rs 161, extending its previous day’s 20% surge on the BSE, after its board approved the acquisitions of plywood and block board manufacturing plant of Euro Decors Private located at Bachau, Gujarat.
“After considering the growing national demand for the company's products and current order backlog, the board has discussed and approved the acquisition of the Plywood and Block Board manufacturing plant of M/s. Euro Decors Private Limited located at Bachau, Gujarat,” Uniply Industries said in a statement.
The cost of acquisition has been finalized at Rs 42 crore, to be funded by a mix of long term debt and equity. The new plant will augment Uniply's daily production by an incremental 200% over current capacity, it added.
Rushil Décor surged 11% to Rs 305 on BSE on back of three-fold jump in trading volumes. The board of directors of the company, last week, planned to establish the new project at South India to manufacture "Thin MDF" product and expansion of the laminated sheets production.
Greenply Industries was up 3% at Rs 185 after the company said that it has received permission from the Excise Authorities to avail the benefit of exemption and consequential refund of excise duty for a plywood unit.
“The company has received permission from the Excise Authorities to avail the benefit of exemption and consequential refund of excise duty under Notification dated April 25, 2007 for a period of 10 years from July, 2015, in respect of the company's plywood unit situated at Tizit (Nagaland),” Greenply Industries said in a BSE filing.