JK Paper spurts after board OKs Rs 100 cr share buyback

JK Paper jumped 4.59% to Rs 107.20 after the company on Tuesday (28 April) said its board approved a proposal to buyback shares worth up to Rs 100 crore at a price not exceeding Rs 130 per share.

At the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares bought back would be 76,92,308 equity shares, comprising approximately 4.32% of the total paid-up equity share capital of the company, as of 31 March 2019.

As on 24 April 2020, the promoters and promoter group held 48.89% stake in the company. The announcement was made during market hours today, 28 April 2020.

On the technical front, the stock's RSI (relative strength index) stood at 64.020. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at Rs 98.58 and below its 200-day moving average (DMA) placed at Rs 115.65.

JK Paper is a leading paper manufacturing company in India.

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