Emami Paper Mills jumped 9.09% to Rs 29.40 at 12:31 IST on BSE , extending Friday's 10% rise triggered by the company's plan to allot cumulative redeemable non-convertible preference shares on preferential basis.
The company made the announcement after market hours on Thursday, 20 March 2014. Shares of Emami Paper Mills hit an upper circuit limit of 10% at Rs 26.95 on Friday, 21 March 2014. The stock has risen 20% in two sessions from Rs 24.50 on Thursday, 20 March 2014.
Meanwhile, the BSE Sensex was almost flat at 21,753.18.
On BSE, so far 1,425 shares were traded in the counter, compared with an average volume of 1.25 lakh shares in the past one quarter.
The stock hit a high of Rs 29.40 and a low of Rs 27.60 so far during the day. The stock hit a 52-week high of Rs 32.45 on 24 June 2013. The stock hit a record low of Rs 20.65 on 6 February 2014.
The stock had outperformed the market over the past one month till 21 March 2014, rising 12.29% compared with the Sensex's 5.09% rise. The scrip had, however, underperformed the market in past one quarter, falling 2% as against Sensex's 3.20% rise.
The small-cap company has an equity capital of Rs 12.10 crore. Face value per share is Rs 2.
Emami Paper Mills announced after market hours on Thursday, 20 March 2014, that a meeting of the members of the preference share committee of the company has been convened on 28 March 2014 to consider the applications received from the promoters and allotment of the cumulative redeemable non-convertible preference shares on preferential basis.
Net profit of Emami Paper Mills surged 166.93% to Rs 6.70 crore on 12.32% rise in net sales to Rs 146.39 crore in Q3 December 2013 over Q3 December 2012.
Emami Paper, a part of Emami Group, specialises in the manufacture of newsprint and writing and printing paper. The company enjoys the position of being the largest manufacturer of newsprint in India, and the only manufacturer in eastern India.
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