Ballarpur Industries sails high

DALAL STREET SPIKES

Ballarpur Industries stock too witnessed aggressive buying on impressive results. The stock of the paper major was up more than 5 per cent in intra-day trades on announcement of strong quarterly numbers.

The stock hit an intra-day high of Rs 85.80, before closing at Rs 84.15. More than 85 thousand shares were traded on BSE on Tuesday.

Ballarpur's net profit rose 31.7 per cent to Rs 43.31 crore from Rs 32.88 crore in the same quarter last year. Sales, however, declined 0.11 per cent to Rs 507.77 crore from Rs 508.33 crore.

The counter has witnessed alternate bouts of buying and selling of late. From a recent peak of Rs 98.15 on January 3, the stock had slipped to Rs 81.60 on January 24 before recovering in Tuesday's trading.

Ballarpur Industries is the country's largest paper producer. The company is the largest producer of high-quality and high-margin coated paper, Hi-Bright Maplitho paper, and bond paper and the second largest producer in the copier paper segment.