Shares of paper manufacturing companies have rallied on the bourses in early noon deals on back of huge volumes. West Coast Paper Mills, Andhra Pradesh Paper Mills, Ballarpur Industries and Tamil Nadu Newsprint and Papers are trading higher by 4-20% on the Bombay Stock Exchange (BSE).
West Coast Paper Mills has soared almost 20% to Rs 61.25, with a combined 1.09 million shares have already changed hands so far, against an average sub 100,000 shares that were traded daily in past two weeks on the NSE and BSE.
The board of directors of the company approved to issue 3.3 million equity shares to persons/entities in the promoter group at a price of Rs 54.30/- on preferential basis. The board also decided to issue warrants of amount upto Rs 10 crore on preferential basis to persons/entities in the promoter group at a price of Rs 54.30/- per warrant convertible into equity share.
Andhra Pradesh Paper Mills has rallied 19% to Rs 314, followed by Rama Newsprint and Papers (up 10%), Ballarpur Industries (up 8%) and Tamil Nadu Newsprint and Papers (up 4%), with trading volumes in these counters more than doubled.
