We remain positive on the stock based on the long term demand outlook for the Indian paper industry. This is expected to keep the realizations of the PWP segment on an uptend in the industry. Though TNPL has experienced severe water shortage since March 2017 which affected the production of paper and packaging board and resulted in the shutdown of one of its paper plant, the company has resumed operation in the same plant from late July 2017 and has got back to the normal production of pulp, paper and packaging board. However, the impact of plant shutdown in PWP segment will likely result in lower production in Q1 as well. In the...