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Paper stocks hit 52-week high; Seshasayee Paper, International Paper, Star Paper up 10%
Shares of paper companies were trading higher by up to 20% on the BSE in otherwise weak market on expectations of strong earnings growth in July-September 2016 quarter (Q2FY17).
Kuantum Papers (up 20% at Rs 393), Seshasayee Paper and Boards (20% at Rs 615), Malu Paper Mills (20% at Rs 30) and Emami Paper Mills (20% at Rs 100) have locked in maximum higher limit of a day on the BSE.
Pudumjee Paper Products (15% at Rs 17.80), Ruchira Papers (13% at Rs 108), International Paper APPM (13% at Rs 339), Star Paper Mills (10% at Rs 116), Nath Pulp & Paper Mills (10% at Rs 30) and were up between 10%-15% on the BSE. The S&P BSE Sensex was down 0.21% at 28,046 points at 02:46 pm.
Indian paper mills have reported a sharp increase in their profitability in the April-June 2016 quarter (Q1FY17), indicating a turnaround in their fortunes after three years of low margins.
Rising demand of writing and printing paper, coupled with a fall in raw material prices, helped boost margins of Indian paper mills.
Thirty-five paper companies had posted a combined net profit of Rs 170 crore in Q1FY17 against a net loss of Rs 8 crore in the same quarter year ago.
NR Agarwal Industries was up 6% at Rs 202 on BSE in an otherwise weak market after the company said that it has exited from corporate debt restructuring (CDR).
The stock hit a 52-week high of Rs 209 on BSE in intra-day trade, has rallied 56% in past four trading sessions from Rs 133.75 on September 30, 2016. Since August 1, it appreciated nearly three-fold from Rs 77.65, after the company reported net profit of Rs 12.10 crore for the quarter ended June 30, 2016. It had posted a net loss of Rs 1.24 crore in the same quarter last fiscal.
Seshasayee Paper and Boards is locked in upper circuit of 20% at Rs 615, also its record high on the BSE. Since July 25, the stock zoomed 94% from Rs 317, after the company posted an over four-fold jump in net profit at Rs 24.12 crore in Q1FY17, on back of strong operational performance. The company had profit of Rs 5.39 crore in the same quarter last fiscal.
9 Oct 2016