West Coast Paper Mills shares were trading 3 percent higher in the morning trade on September 21 after the paper-maker announced having received approval for its resolution plan to acquire Uniply Decor from the National Company Law Tribunal (NCLT). “Our consultant, Lagrange Point Advisors LLP, an investment banking firm based in Mumbai, informed us that the resolution plan to acquire Uniply Decor has been approved verbally by the Chennai Bench of the NCLT. The approval has been received under the provisions of Insolvency and Bankruptcy Code, 2016,” the company said in a regulatory filing.
At 9.45 am on the NSE, the West Coast Paper Mills stock was quoting at Rs 691 apiece, up Rs 19.65, or 2.93 percent. The company’s stock has seen an upward trend since July 27th.
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The financials
In its results for the April-June quarter, the company reported a 2.24-percent YoY (year-on-year) increase in revenue from operations at Rs 1,139 crore. Net profit for the quarter was up 33.21-percent YoY at Rs 278.35 crore. The operating profit margins for the quarter expanded by 600 basis points on a yearly basis to 35 percent.
West Coast Paper Mills Limited is engaged in the production of paper and paper products. Its operations include the manufacturing and distribution of writing and printing paper, packaging paper and boards, among others. The company also manufactures optical fibre cables through its facility in Mysuru.
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