Emami Paper Mills share price hits upper circuit of 10% on better-than-expected Q3 earnings

Emami Paper Millsshare price hit the upper circuit of 10% today after the firm reportedbetter-than-expected earnings for the quarter ended December 2019. Share price of EmamiPaper Mills rose 10% to Rs 89.50 compared to the previous close of Rs 81.40 onBSE.The micro cap stock has gained 21% in twodays.

However, it has fallen 52.51% during last oneyear.

The stock has stuck to upper limit of Rs 89.5since the beginning of trade today.

The firm logged a 222.9%rise in net profit to Rs 18.50 crore in Q3 of current fiscal compared to Rs5.73 crore in corresponding quarter of previous fiscal. Sales rose 7.4% to Rs 400.08 crore in Q3 comparedto sales of Rs 372.64 crore in Q3 of 2018fiscal.

The result wasannounced after market hours on Thursday.

On the BSE, 734 shareswere traded on the counter so far as against the average daily volumes of 586shares in the past two weeks.

Emami Paper Mills isengaged in the manufacture of newsprint and writing and printing paper.