Ballarpur Industries rose 5.44% to Rs 15.30 at 10:16 IST on BSE after the company said its board approved a binding offer received for divestment of entire equity stake of 98.08% in its step down subsidiary, Sabah Forest Industries Sdn. Bhd. Malaysia
The announcement was made after market hours on Friday, 10 July 2015.
Meanwhile, the S&P BSE Sensex was up 22.99 points or 0.08% at 27,684.39.
On BSE, so far 10.44 lakh shares were traded in the counter as against average daily volume of 6.19 lakh shares in the past two weeks.
The stock hit a high of Rs 15.83 and a low of Rs 14.90 so far during the day. The stock had hit a 52-week high of Rs 20.55 on 12 September 2014. The stock had hit a 52-week low of Rs 12 on 26 June 2015.
Ballarpur Industries' board of directors at its meeting held on Friday, 10 July 2015, approved a binding offer received for divestment of entire equity stake of 98.08% in its step down subsidiary, Sabah Forest Industries Sdn. Bhd. Malaysia, subject to regulatory approvals of the Government of Malaysia, satisfactory bankers' due diligence of prospective buyer and entering into definitive agreements with the prospective buyer.
On consolidated basis, Ballarpur Industries' net profit rose 78.7% to Rs 27.55 crore on 9.1% decline in net sales to Rs 1231.31 crore in Q3 March 2015 over Q3 March 2014.
The Ballarpur Group is the largest manufacturer of writing and printing paper in India.
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