Paper stocks rally: JK Paper surges 13% on strong Q1 results

Star Paper Mills, West Coast Paper, NR Agarwal Industries, Ruchira Papers, Tamil Nadu Newsprint & Papers and Seshasayee Paper & Boards were up in the range of 3% to 8% on the BSE.

Shares of paper manufacturers were trading higher by up to 13% in otherwise subdued market on Wednesday after JK Paper reported a strong set of numbers for the quarter ended June 2018 (Q1FY19).

JK Paper has rallied 13% to Rs 143 on the BSE after the company reported 58% jumped in net profit at Rs 951 million in Q1FY19 on back of strong operational performance. It had profit of Rs 601 million in year ago quarter. Gross revenue from operations during the quarter under review increased 18.5% at Rs 8,526 million against Rs 7,201 million in the corresponding quarter