Orient Paper & Industries rose 8.29% to Rs 77.75 at 11:18 IST on BSE after the company said that its board will consider rights issue of shares and restructuring of business.
The announcement was made after market hours yesterday, 7 September 2016.Meanwhile, the BSE Sensex was up 32.70 points, or 0.11%, to 28,959.06.
On BSE, so far 7.91 lakh shares were traded in the counter, compared with average daily volume of 1.50 lakh shares in the past one quarter. The stock hit a high of Rs 81.95 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 74.80 so far during the day. The stock hit a 52-week low of Rs 23.35 on 9 November 2015. The stock had outperformed the market over the past 30 days till 7 September 2016, rising 23.79% compared with 3% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 56.09% as against Sensex's 8.08% rise.
The small-cap company has equity capital of Rs 20.49 crore. Face value per share is Re 1.
Orient Paper & Industries said that its board will meet on 15 September 2016 to consider raising funds by way of rights issue of equity shares. The board will also consider various options for business restructuring of the company.
Orient Paper & Industries reported net loss of Rs 3.43 crore in Q1 June 2016 as against net loss of Rs 5.90 crore in Q1 June 2015. Net sales declined 5.2% to Rs 392.34 crore in Q1 June 2016 over Q1 June 2015.
Orient Paper & Industries is engaged in the manufacture and sale of paper with a wide range of writing, printing, industrial and specialty papers.
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