Emami Paper Mills rose 3.58% to Rs 42 at 9:37 IST on BSE after the company said that the preference share committee of the company at its meeting held Wednesday, 17 September 2014, allotted preference shares to promoters.
The announcement was made after market hours on Wednesday, 17 September 2014.
Meanwhile, the S&P BSE Sensex was up 168.93 points or 0.63% at 26,800.22.
On BSE, so far 1,600 shares were traded in the counter as against average daily volume of 3,495 shares in the past two weeks.
The stock hit a high of Rs 43.50 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 42 so far during the day.
Emami Paper Mills said that the preference share committee of the company at its meeting held Wednesday, 17 September 2014, considered issue of 11.25 lakh 8% Cumulative Redeemable Non-Convertible preference shares of Rs 100 each at a premium of Rs 300 aggregating to Rs 45 crore to the promoters on preferential basis and allotted the preference shares to the promoters on preferential basis.
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Emami Paper Mills' net profit declined 12.3% to Rs 5.69 crore on 8.2% growth in net sales to Rs 130.48 crore in Q1 June 2014 over Q1 June 2013.
Emami Paper Mills, a part of Emami Group, specialises in the manufacture of newsprint and writing and printing paper. The company enjoys the position of being the largest manufacturer of newsprint in India, and the only manufacturer in eastern India.
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