Rainbow Papers acquires 2 paper machines

Rainbow Papers Ltd has announced that the Company has acquired two paper machines with coating machine having capacity of 550 TPD of manufacturing creamwove paper and coated paper along with all accessories from M/s. M D Papier, Dachau, Germany. The acquisition price payable to M/s. M D Paper will be Euro 11 millions. The total cost of expansion will be Rs 169 crores and 1st machine will start production from March 2008 tentatively.

The stock closed the day at Rs.84, up by Rs.1.05 or 1.27%. The total traded quantity was 1609 compared to 2 week average of 3183. The stock hit an intraday high of Rs.84 and low of Rs.82.

Source : Equity Bulls

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