JK Paper lost 1.56% to Rs 28.40 at 11:57 IST on BSE after net profit declined 90.2% to Rs 1.38 crore on 2.9% growth in net sales to Rs 354.66 crore in Q1 June 2013 over Q1 June 2012.
The Q1 result was announced after market hours on Friday, 19 July 2013.
Meanwhile, the S&P BSE Sensex was up 90.38 points 0.45% at 20,240.23.
On BSE, 19,000 shares were traded in the counter as against average daily volume of 42,000 shares in past two weeks.
The stock hit a high of Rs 28.60 and a low of Rs 27.20 so far during the day.
JK Paper's board of directors at a meeting held on Friday, 19 July 2013, inter alia, accorded their consent to the Scheme of Arrangement for transfer and vesting of Lime Kiln Undertaking of JK Enviro-tech to the company as per terms and conditions mentioned, in the Scheme of Arrangement (the Scheme). As on date, JK Paper owns 49 lakh fully paid equity shares of Rs 10 each in JK Enviro-tech, representing 98.98% of the issued, subscribed and paid-up share capital of JK Enviro-tech. The Scheme is subject to requisite consent, approval of the requisite majority of the shareholders, lenders, creditors of JK Paper, the Gujarat High Court, and the permission or approval of any other statutory, state or regulatory authorities, which by law may be necessary for the implementation of the Scheme, the company said.
JK Paper manufactures paper and paper products.
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