JK Paper, Seshasayee Paper, Westcoast Paper, Orient Paper, other paper stocks rise; here's why
Paper stocks latest news: Shares of paper and paper product manufacturers were in high demand on on Wednesday, December 6, after an exclusive report by Zee Business suggested an increase in prices in select segments within the space.
Paper stocks latest news: Shares of paper and paper product manufacturers were in high demand on Wednesday, December 6, after an exclusive report by Zee Business suggested an increase in prices in select segments within the space. While JK Paper shares were up as much as six per cent at the last count, stocks such as Astron Paper & Board, Star Paper, Orient Paper, Seshasayee Paper, Westcoast Paper Mills, TN Newsprint, Ruchira Papers, Setia Industries and Emami Paper enjoyed gains to the tune of 2-5 per cent.
Zee Business learned from sources that the prices of writing and printing paper were estimated to be increased further by Rs 5-10 kilogram in March 2024, following an increase to the tune of Rs 2-3 per kilogram with effect from December 1.
According to Zee Business research, higher demand owing to the recent state elections, the reopening of schools, and a decline in coal prices led to the increase in paper prices.
Paper mills in the country use coal as the main source of energy.
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Post the development, JK Paper shares rose as much as 3.5 per cent, Seshasayee Paper gained as much as 4.5 per cent, Westcoast Paper Mills shares soared as much as three per cent, TN Newsprint shares surged 2.4 per cent while Orient Paper and Industries zoomed 6.3 from the previous close on NSE in the intraday trade.
At the time of writing the copy JK Paper shares traded 1.95 per cent higher at Rs 401.85 on NSE. Shares of Seshasayee Paper were trading with the gains of 1.91 per cent at Rs 354.95 on NSE. Westcoast Paper Mills shares edged higher, up 1.72 per cent at Rs 692 on NSE. TN Newsprint shares traded flat, up 0.5 per cent at Rs 280.35. Moreover, Orient Paper and Industries shares were tarding 3.23 per cent higher at Rs 43.1 on NSE.
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01:37 PM IST