Shares of paper companies were on a roll with most of these stocks trading at their respective all-time highs on the back of heavy volumes. Star Paper Mills, Ruchira Papers, Balkrishna Paper, Tamil Nadu (TN) Newsprint, N R Agarwal Industries, Seshasayee Paper and West Coast Paper were up in the range of 6% to 20% on the BSE. JK Paper, Ruchira Papers, Seshasayee Paper, TN Newsprint, West Coast Paper and Star Paper Mills were among 11 stocks from the paper industry, which hit their respective record highs. Star Paper Mills was locked in upper circuit of 20% at Rs 281, extending its Friday’s 12% rally on the BSE. The trading volumes on the counter jumped more than nine-fold with a combined 3.03 million shares changed hands on the BSE and NSE. There were pending buy orders 102,876 shares on both the exchanges at 03:04 PM. Earlier this year, a few media reports claimed that China had banned making paper from waste pulp. The move would benefit Indian paper companies. Total 46 paper companies thus far announced their Q2 (July-September) quarter results, have posted an aggregate net loss of Rs 270 crore against loss of Rs 437 crore in the same quarter year ago. Ruchira Papers which hit a new high of Rs 204, up 17% on the BSE in intra-day trade. The company had reported net Profit of Rs 8.39 crore for Q2FY18, up by 11.87%, as compared to Rs 7.50 crore in the corresponding quarter of last fiscal.
The company’s EBITDA margin improved from 15.18% in Q2FY17 to 15.43% in Q2FY18. Meanwhile, Astron Paper and Board Mill which is engaged in manufacturing of kraft paper, is launching its initial public offering. The issue opens on December 15, 2017 and closes on December 20, 2017, with a price band of Rs 45 to Rs 50 per equity share of face value of Rs 10 each. The company proposes to utilize the net proceeds towards setting up of additional facility for manufacturing of Kraft Paper with lower GSM ranging from 80 to 180 GSM and lower B. F ranging from 12 B. F to 20 B. F., part repayment of unsecured loan, funding the working capital requirements of the company and general corporate purposes.
|COMPANY||LATEST||ALL TIME HIGH||PREV HIGH||PREV DATE|
|GENUS PAPER & BO||12.47||12.47||12.35||01-Nov-17|
|N R AGARWAL INDS||480.00||495.90||453.35||08-Dec-17|
|STAR PAPER MILLS||280.85||280.85||239.00||07-Nov-17|
|T N NEWSPRINT||417.55||439.10||398.00||28-Nov-17|
|WEST COAST PAPER||301.50||315.85||290.55||08-Dec-17|