This paper stock’s bonus shares issue decision to be taken in board meet this week

“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 had announced in an exchange filing last week. 

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 about 96% in a year’s period, whereas it is up more than 98% in 2022 (YTD) so far as compared to about 2% fall in benchmark BSE Sensex. Since its stock market debut in December 2008, Ruchira Papers shares have skyrocketed over 610%.

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 ₹199 crore during the quarter under review as against ₹126 crore in the corresponding quarter of the previous fiscal.

First article