Emami Paper Mills hit an upper circuit limit of 10% at Rs 26.95 at 13:45 IST on BSE after the company said that a committee will meet on 28 March 2014 to consider preferential allotment of cumulative redeemable non-convertible preference shares.
The company made the announcement after market hours on Thursday, 20 March 2014.
Meanwhile, the BSE Sensex was up 25.30 points, or 0.12%, to 21,765.39.
Volumes were high on the counter. On BSE, so far 26.60 lakh shares were traded in the counter, compared with an average volume of 66,452 shares in the past one quarter.
The stock hit a low of Rs 24.50 in early trade. The stock hit a 52-week high of Rs 32.45 on 24 June 2013. The stock hit a record low of Rs 20.65 on 6 February 2014.
The stock had underperformed the market over the past one month till 20 March 2014, rising 0.82% compared with the Sensex's 5.86% rise. The scrip had also underperformed the market in past one quarter, falling 10.91% as against Sensex's 3.13% rise.
The small-cap company has an equity capital of Rs 12.10 crore. Face value per share is Rs 2.
Emami Paper Mills said that a meeting of the members of the preference share committee of the company has been convened on 28 March 2014 to consider the applications received from the promoters and allotment of the cumulative redeemable non-convertible preference shares on preferential basis.
Net profit of Emami Paper Mills surged 166.93% to Rs 6.70 crore on 12.32% rise in net sales to Rs 146.39 crore in Q3 December 2013 over Q3 December 2012.
Emami Paper, a part of Emami Group, specialises in the manufacture of newsprint and writing and printing paper. The company enjoys the position of being the largest manufacturer of newsprint in India, and the only manufacturer in eastern India.
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