Ballarpur Inds drops on profit booking

Ballarpur Industries fell 4.72% to Rs 14.95 at 12:56 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was down 29.07 points or 0.1% at 27,932.12.

On BSE, so far 5.55 lakh shares were traded on the counter as against average daily volume of 8.17 lakh shares in the past two weeks.

The stock hit a high of Rs 15.60 and a low of Rs 14.71 so far during the day. The stock had hit a 52-week low of Rs 12 on 26 June 2015. The stock had hit a 52-week high of Rs 20.55 on 12 September 2014.

Shares of Ballarpur Industries had rallied 12.39% in three trading sessions to settle at Rs 15.69 yesterday, 13 July 2015, from a recent low of Rs 13.96 on 8 July 2015.

Ballarpur Industries' board of directors at its meeting held on 10 July 2015, approved a binding offer received for divestment of entire equity stake of 98.08% in its step down subsidiary, Sabah Forest Industries Sdn. Bhd. Malaysia, subject to regulatory approvals of the Government of Malaysia, satisfactory bankers' due diligence of prospective buyer and entering into definitive agreements with the prospective buyer.

On consolidated basis, Ballarpur Industries' net profit rose 78.7% to Rs 27.55 crore on 9.1% decline in net sales to Rs 1231.31 crore in Q3 March 2015 over Q3 March 2014.

The Ballarpur Group is the largest manufacturer of writing and printing paper in India.

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