The company had posted a net profit of Rs 123.45 crore in the April-June period a year ago, JK Paper said in a regulatory filing.
The stock witnessed a spurt in volume by more than 3.55 times and was trading with volumes of 492,743 shares compared to the five-day average of 84,181 shares.
A meeting of Board of Directors is scheduled to be held on April 28, 2020, to consider and approve the proposal for buyback of the fully paid up equity shares, the company said.
Broking and research firms are bullish on these six stocks despite uncertainty in the market due to the novel coronavirus, or COVID-19 pandemic
The rating agency expects the company to maintain minimum cash balance of about Rs 200 crore to meet any contingencies.
The company said improved realisation, better operating parameters and reduced finance cost contributed to increased profitability during the quarter.
JK Paper is well-positioned due to its strong market position, with a presence in high quality paper segments, cost leadership and integrated production capacities
With total investment of roughly Rs 24,000 crore ($3.5 billion) , Asia Pulp and Paper (APP) to set up India’s largest paper mill with a capacity of a staggering five million tonnes per annum
We expect RBI to turn dovish; rate cuts would depend on the trajectory of inflation which seems under control for now
Timely expansion of the existing capacity and relative advantage in sourcing input are the key differentiators that will drive the future profitability of paper companies
Macro factors such as favourable demand–supply dynamics and micro factors like increased capacity and operating efficiency will continue to aid JK Paper’s profitability