Mid-day Market Movers: Paper stocks are rallying in the afternoon trade on August 01

West Coast Paper Mills has logged a fresh 52-week high in today’s session at Rs 497.65, taking weekly gains to ~30 per cent

While bulls continue to take charge of the stock market supported by strong quarterly numbers, Sensex is up by 0.7 per cent or 427 points at 57997.31 and Nifty at ­­ 17313.90 with a gain of 156 points or 0.9 per cent. 

  West Coast Paper Mills Ltd and JK Paper Ltd are witnessing positive action in today’s session  

  West Coast Paper Mills has logged a fresh 52-week high in today’s session at Rs 497.65, overwriting the 52-week high of Rs 424.95 in the previous session. The shares of West Coast Paper surged 30 per cent in the last one week, on the back of positive momentum in paper stocks. The company declares its Q1FY23 results on August 6. At CMP of 472.85,  the stock has rallied 11.64 per cent from the July 29 closing of Rs 423.55. 

 The shares of JK Paper opened today with a positive start rising 9.8 per cent on the back of robust Quarterly Results declared on July 29. Net Profit jumped 154 per cent for this leading paper company as it records best ever quarter. The company recorded consolidated net revenue at Rs 1430.23 crore in Q1FY23 which is an increase of 116 per cent YoY while EBITDA stood at Rs 423.13 crore with an increase of 122 per cent on YoY. In intraday trades, the shares of JK Paper logged a high of Rs 380.55. The shares of JK Paper are currently quoting at Rs 371.95 with a gain of 7.33 per cent.