Orient Press asked to shut plant, stock up

The company informed the exchanges that its manufacturing plant in Boisar, near Mumbai has received an order for closure of the plant from Maharashtra Pollution Control Board (MPCB).

Despite this negative development, the stock of Orient Press was up by more than 4 per cent, trading at Rs. 202.00 per share, up by 4.55 per cent at 10:46 am on Tuesday.

The company's release said that the MPCB has asked the company to shut its flexible packaging manufacturing plant for violation of certain water and air pollution provisions within 72 hours. However, the company has replied to the pollution control board and is taking steps to prevent the closure, said the release.

Meanwhile, the broader market was trading in negative territory. The benchmark indices BSE Sensex and Nifty50 were in red. BSE Sensex was at 33,982.31, down by 152.07 points or 0.45 per cent, while Nifty was at 10,189.85, down by 55.40 or 0.54 per cent on Tuesday.