Paper Products surged 11.50% to Rs 93.05 at 12:28 IST on BSE after the company's Indian promoter sold his entire 3.01% stake in the firm to his foreign partner Huhtavefa BV for Rs 190.11 per share on Friday, 21 February 2014.
Meanwhile, the BSE Sensex was up 95.13 points, or 0.46%, to 20,947.60.
On BSE, so far 3.88 lakh shares were traded in the counter, compared with an average volume of 22,953 shares in the past one quarter.
The stock hit a high of Rs 94.80 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 87 so far during the day. The stock hit a 52-week low of Rs 56.50 on 29 April 2013.
The stock had outperformed the market over the past one month till 25 February 2014, rising 12.69% compared with the Sensex's 1.33% fall. The scrip had outperformed the market in past one quarter, rising 30.39% as against Sensex's 1.20% rise.
The small-cap company has an equity capital of Rs 12.54 crore. Face value per share is Rs 2.
On 21 February 2014, Paper Products' Indian promoter, Suresh Gupta, sold 18.84 lakh equity shares, or 3.01% equity, of Paper Products in an off-market transaction to Huhtavefa BV through a negotiated private placement at an aggregate amount of Rs 35.81 crore.
The transaction price works out to Rs 190.11 per share, a sharp premium of 146.74% compared to the stock's closing price of Rs 77.05 on Friday, 21 February 2014.
Post transaction, Huhtavefa BV's stake in Paper Products has increased 63.78%, from 60.77% earlier.
Shares of Paper Products fell 1.28% to Rs 77.05 on Friday, 21 February 2014. However, the stock surged 10.97% to Rs 85.50 on Monday, 24 February 2014. It fell 2.40% to Rs 83.45 on Tuesday, 25 February 2014.
On a consolidated basis, Paper Products' net profit surged 66.1% to Rs 16.66 crore on 22.61% rise in net sales to Rs 279.02 crore in Q4 December 2013 over Q4 December 2012.
Paper Products offers a wide portfolio of packaging solutions that include flexible packaging, labeling technologies and specialized cartons.
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