International Paper APPM is remains in the red today after the company given an update on the loss it would be making on account of the ongoing maintenance.
In a Press statement, the company said, “We hereby inform you that there would be Outage (maintenance) from March 25, 2019 to March 30, 2019 (both days inclusive) in the manufacturing facility located in Rajahmundry, East Godavari District, Andhra Pradesh. The estimated loss of production will be around 500 tons per day.”
The stock has been losing for the last 4 sessions and has fallen -3.45% in the period and this is more or line in the way the entire sector is moving today. The stock went down today over 1.5% to Rs.446.85.
This is the second largest paper making company in India and its installed capacity currently stands at 241,000 tpa.