JK Paper advances after rating upgrade

JK Paper rose 2.49% to Rs 98.95 at 9:55 IST on BSE after the company said that India Ratings and Research has upgraded the company's long-term and short-term issuer ratings.

The announcement was made after market hours yesterday, 20 June 2017.

Meanwhile, the S&P BSE Sensex was down 80.39 points or 0.26% at 31,217.14. The S&P BSE Small-Cap index rose 19.64 points or 0.13% at 15,699.36.

On the BSE, 9,579 shares were traded on the counter so far as against the average daily volumes of 1.34 lakh shares in the past one quarter. The stock had hit a high of Rs 99.10 and a low of Rs 97.70 so far during the day. The stock had hit a record high of Rs 123 on 17 May 2017 and a 52-week low of Rs 52.60 on 4 August 2016.

The stock had underperformed the market over the past one month till 20 June 2017, sliding 10.97% compared with the Sensex's 2.73% rise. The stock had, however, outperformed the market over the past one quarter, advancing 6.04% as against the Sensex's 6.03% rise. The scrip had also outperformed the market over the past one year, gaining 69.83% as against the Sensex's 16.49% rise.

The small-cap company has equity capital of Rs 163.39 crore. Face value per share is Rs 10.

India Ratings and Research (Ind-Ra) has upgraded JK Paper's Long-Term Issuer Rating to 'IND A-' from 'IND BBB+', the outlook is positive and Short-term Issuer Rating to 'IND A1' from 'IND A2+'.

JK Paper's net profit jumped 278.2% to Rs 56.32 crore on 7.4% growth in net sales to Rs 698.88 crore in Q4 March 2017 over Q4 March 2016.

JK Paper is a leading branded paper company and the largest producer of photocopier paper in India.

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