JK Paper up 12% on buzz over stake sale to US firm
The stock closed up 5.27% at Rs 43.95. Almost 11.65 lakh shares changed hands against the two-week daily average volume of 35,000 shares.
By Sneha Shah, ET Bureau |
Shares of JK Paper surged as much as 12% to a yearly high of Rs 46.80 Wednesday on buzz USbased International Paper, which acquired Andhra Pradesh Paper Mills only last year, will pick up a stake in the company.
The stock closed up 5.27% at Rs 43.95. Almost 11.65 lakh shares changed hands against the two-week daily average volume of 35,000 shares.
When contacted, V Kumarswami, chief financial officer, JK Paper, denied the rumours. “We are ourselves in expansion mode and are looking at acquiring assets overseas.
Once our Orissa plant starts generating cash flows, we will look at buying assets overseas,” he said. A mail sent to Paul Brown, India chief executive of International Paper, did not elicit any response. Promoters held 51% in JK Paper as on September 30, 2012.
(Contributed by Sneha Shah)
The stock closed up 5.27% at Rs 43.95. Almost 11.65 lakh shares changed hands against the two-week daily average volume of 35,000 shares.
When contacted, V Kumarswami, chief financial officer, JK Paper, denied the rumours. “We are ourselves in expansion mode and are looking at acquiring assets overseas.
Once our Orissa plant starts generating cash flows, we will look at buying assets overseas,” he said. A mail sent to Paul Brown, India chief executive of International Paper, did not elicit any response. Promoters held 51% in JK Paper as on September 30, 2012.
(Contributed by Sneha Shah)
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