Buy JK Paper, target price Rs 400: Nuvama Wealth brokerage

Nuvama Wealth brokerage has buy call on JK Paper with a target price of Rs 400. The current market price of JK Paper is Rs 368.45. Nuvama Wealth brokerage recommended to keep stop loss at Rs 358.

JK Paper, incorporated in the year 1960, is a Small Cap company (having a market cap of Rs 6206.90 Crore) operating in Paper sector.

JK Paper key Products/Revenue Segments include Paper & Paper Boards, Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 1639.20 Crore, down -6.89 % from last quarter Total Income of Rs 1760.45 Crore and up 11.88 % from last year same quarter Total Income of Rs 1465.19 Crore. Company has reported net profit after tax of Rs 312.56 Crore in latest quarter.

Investment Rationale
Strong base formation around 325-300 levels and a breakout indicates strong bullish momentum.

Promoter/FII Holdings
Promoters held 49.63 per cent stake in the company as of 30-Jun-2023, while FIIs owned 10.46 per cent, DIIs 3.11 per cent.