23 Aug , 2022 By : Kanchan Joshi
Shares of Ruchira Papers Ltd jumped more than 8% to ?122 apiece on the BSE in Tuesday's afternoon deals after the company informed that its board will meet next week on Tuesday, August 30, 2022 to consider the issue of bonus shares of the company to its shareholders.
“We wish to inform that a meeting of the board of directors of the company is scheduled to be held on Tuesday, August 30, 2022, inter alia, to consider the proposal for issue of bonus shares to the equity shareholders of the company," Ruchira Papers announced in an exchange filing today. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.
Further, the company informed that the trading window for trading in securities of the company will remain closed for all the Directors, Key Managerial Persons, Designated Persons and the Connected Persons covered under SEBI regulations from 23rd August, 2022 to 1st September, 2022 (both the days inclusive).
Ruchira Papers is engaged in the manufacturing of Kraft Paper and Writing & Printing Paper. Writing and Printing Paper is used for multiple purposes like printing and stationery etc. The paper stock has rallied more than 60% in a year's period, whereas it is up about 53% in 2022 (YTD) so far as compared to about 0.3?ll in benchmark Sensex.
The Company initially set up Agro Waste Paper Mill for manufacturing of Kraft Paper and commenced its operations with a small 2310 TPA Capacity. Over the years, the company has undertaken several phases of expansion and the Production Capacity of Kraft Paper since then has increased from 2310 TPA to 52800 TPA. The company had set up 33000 TPA unit for manufacturing of writing & printing paper adjoining to its existing unit in March, 2008.
For the first quarter ended June 2022 of the current fiscal or Q1 FY23, Ruchira Papers' net profit surged to ?11.6 crore as compared to ?4.5 crore in the year-ago quarter. Meanwhile, its revenue jumped to ?198.8 crore during the quarter under review as against ?125.8 crore in the corresponding quarter of the previous fiscal.
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