Tamil Nadu Newsprint gains on strong Q1 results

Tamil Nadu Newsprint & Papers was up 2.9% at Rs 291.15 at 10:18 IST on BSE after net profit rose 33% to Rs 69.51 crore on 16.6% growth in net sales to Rs 744.84 crore in Q1 June 2016 over Q1 June 2015.

The company announced the first quarter earnings after trading hours yesterday, 28 July 2016.

Meanwhile, the S&P BSE Sensex, was currently down 83.80 points or 0.3% at 28,124.82.

On BSE, so far 84,913 shares were traded in the counter, compared with an average daily volume of 31,528 shares in the past one quarter. The stock hit a high of Rs 299 and low of Rs 290 so far during the trading session. The stock had hit record high of Rs 308 in intraday trade yesterday, 28 July 2016, ahead of the announcement of the results. The stock hit 52-week low of Rs 174.20 on 10 September 2015. The stock had underperformed the market over the past one month till 28 July 2016, gaining 3.1% compared with 6.35% gains in the Sensex. The scrip had outperformed the market in past one quarter, surging 22.34% as against the Sensex's 10.18% rise.

The small cap company has equity capital of Rs 69.21 crore. Face value per share is Rs 10.

In a press release on the first quarter results, Tamil Nadu Newsprint & Papers said that the company's paperboard product is well accepted in the market and production is being gradually stepped up.

Tamil Nadu Newsprint & Papers (TNPL) manufactures newsprint and printing & writing paper using bagasse, a sugarcane residue, as primary raw material. The company is promoted by the Tami Nadu state government which owns 35.32% stake in the company.

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