Genus Paper & Boards hit an upper circuit limit of 5% at Rs 14.60 at 10:55 IST on BSE after the company said it signed memorandum of understanding with the Government of Maharashtra and the Government of Uttar Pradesh.
The announcement was made after market hours yesterday, 22 February 2018.Meanwhile, the S&P BSE Sensex was up 135.50 points, or 0.40% to 33,955.
On the BSE, 49,000 shares were traded in the counter so far compared with average daily volumes of 1.59 lakh shares in the past one quarter. The stock opened with an upward gap of 5% at Rs 14.60 and remained stuck at that level so far. The stock hit a record high of Rs 16.70 on 30 January 2018. The stock hit a 52-week low of Rs 4.16 on 5 July 2017.
The stock had outperformed the market over the past 30 days till 22 February 2018, falling 5.36% compared with 6.48% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 47% as against Sensex's 0.42% rise.
The scrip had also outperformed the market in past one year, rising 187.04% as against Sensex's 17.05% rise.
The small-cap company has equity capital of Rs 25.71 crore. Face value per share is Re 1.
Genus Paper & Boards said it entered into a non-binding memorandums of understanding (MoU) with the Government of Maharashtra to invest Rs 1050 crore for setting up of Kraft Paper manufacturing plant. The firm also entered into an MoU with the Government of Uttar Pradesh to invest Rs 600 crore for expansion of current manufacturing facility.
The company will incur the investing amount within a period of 5 years from the date of application to the directorate of industries / relevant authorities after completion of all effective steps.
Net profit of Genus Paper & Boards rose 245.32% to Rs 4.80 crore on 29.22% rise in net sales to Rs 89.37 crore in Q3 December 2017 over Q3 December 2016.
Genus Paper & Boards' main products are Kraft Paper and M. S. Ingot. Kraft Paper is classified as industrial paper and is used by packaging industry in making corrugated boxes and liners. Ingots is used in housing & infrastructure sector.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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