Tamil Nadu Newsprint dips on production stoppage in paper machine II

Tamil Nadu Newsprint and Papers (TNPL) dipped 7% to Rs 324 on BSE after the company said that has stopped production in Paper Machine II (PM II), in Unit I (Karur) due to water shortage. “The other two paper machines are in operation. The production in PM II will be resumed on availability of water,” TNPL said in a regulatory filing. At 11:06 am; the stock was trading at Rs 325, down 6.8% as compared to 0.03% decline in the S&P BSE Sensex. The trading volumes on the counter jumped more than three-fold with a combined 295,199 shares changed hands on BSE and NSE so far. Meanwhile, shares of other paper companies such as Ballarpur Industries (up 8% at Rs 19.40), Rama Paper Mills (6% at Rs 23), West Coast Paper Mills (3% at Rs 181) and Ruchira Papers (up 2% at Rs 139) were trading higher by more than 2% each on BSE. Nifty Trading Tips