Ballarpur Industries rose 3.67% to Rs 19.75 at 11:17 IST on BSE after the company said it is exploring the possibility of listing its step-down subsidiary in an overseas stock market.
The company made the announcement during trading hours today, 27 June 2014.
Meanwhile, the BSE Sensex was up 106.98 points, or 0.43%, to 25,169.65.
On BSE, so far 20.23 lakh shares were traded in the counter, compared with an average volume of 8.70 lakh shares in the past one quarter.
The stock hit a high of Rs 20.25 and a low of Rs 18.90 so far during the day. The stock hit a 52-week high of Rs 21.80 on 13 June 2014. The stock hit a 52-week low of Rs 8.90 on 6 August 2013.
The stock had outperformed the market over the past one month till 26 June 2014, rising 9.23% compared with 1.40% rise in the Sensex. The scrip had also outperformed the market in past one quarter, spurting 55.51% as against Sensex's 13.43% rise.
The small-cap company has an equity capital of Rs 131.10 crore. Face value per share is Rs 2.
Ballarpur Industries said that it is exploring the possibility of listing equity shares of Ballarpur International Graphic Paper Holdings (BIGPH), a step down subsidiary of the company, at an overseas stock exchange.
Ballarpur Industries also said that BIGPH is evaluating and exploring options for receiving a potential investment from International Finance Corporation (IFC), in a combination of debt and/or equity in BIGPH and/or its step-down subsidiaries.
Any proposed investment would be subject to IFC's management and board approval, satisfactory documentation and satisfaction of all necessary conditions, the company said.
Ballarpur Industries' consolidated net profit rose 4.8% to Rs 34.81 crore on 10.5% growth in net sales to Rs 1217.08 crore in Q1 September 2012 over Q1 September 2011.
Ballarpur Industries is India's largest manufacturer of writing and printing (W&P) paper. In India, the company has six manufacturing units. The company has a dominant share of the high-end coated paper segment in India.
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