JK Paper rallies as Q1 net profit rose to Rs 16.78 crore

JK Paper Ltd rallied as much as 10.1 per cent in trade on Tuesday, a day after the company reported standalone net profit of Rs 16.78 crore for the first quarter ended June 30, 2015-16 on increased productivity and effective utilization of raw materials.

The stock ended the day 5.18 per cent higher or Rs 2.20 at Rs 44.70.

It had posted a net loss of Rs 22.53 crore for the April- June period of previous fiscal, 2014-15, JK Paper said in a statement.

JK Paper Vice Chairman & Managing Director Harsh Pati Singhania said: “The significant improvement in performance is due to higher sales volumes and major improvements in operating efficiencies emanating from the Company’s new plant at Jaykaypur, Odisha.

The company's standalone net sales stood at Rs 682.73 crore in the first quarter of the current fiscal as against Rs 573.88 crore in the year-ago period.

Meanwhile, in a separate filing JK Paper informed the BSE that its board in meeting held today approved to "issue of 1,19,10,000 Equity Shares of Rs 10/- each at a price of Rs 42/- per share" to the promoter and one or more constituents of the promoter Group on preferential basis.

Visit our official website: www.jkpaper.com .

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