JK Paper shares reverse early losses; close over 1 pc higher

Shares of JK Paper Ltd on Thursday reversed all its early losses and closed over 1 per cent higher.

The company's stock which opened the day on a lower note and declined 7.36 per cent to Rs 117 during the day on the BSE, later closed at Rs 128.25, up 1.54 per cent.

On the NSE, it closed with a gain of 0.87 per cent at Rs 127.25.

JK Paper Ltd on Wednesday reported a decline of 51 per cent in its consolidated net profit at Rs 64.59 crore for the December quarter.

The company had posted a net profit of Rs 131.85 crore in the year-ago period, JK Paper said in a regulatory filing.

Its total income was down 9.28 per cent to Rs 770.45 crore during the period under review, as against Rs 849.25 crore in the corresponding period of the last fiscal, the company said.

Total expenses of JK Paper, maker of branded copier paper, coated paper and packaging boards, was at Rs 667.45 crore in the period under review as against Rs 660.89 crore a year ago.

The company's performance on a consolidated basis was impacted by a temporary stoppage of production at the Sirpur Paper Mills, a step-down subsidiary, due to unfavourable market conditions, JK Paper said.

The production has since been resumed.

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