71% return in 4 days! Why are shares of Balkrishna Paper Mills rallying this week?

Balkrishna Paper Mills jumped over 10 per cent in Thursday's trade to take its four-day winning gains to 71 per cent, even as the company management said it is not aware of any material development that requires stock exchange filings. The scrip, though, witnessed multiple bulk deals on Wednesday. 

In a reply to exchanges, the company said it has made prompt and adequate disclosures of all events or information that have bearing on its  operations and performance including all price sensitive information and that there was no information or announcement which was pending to be disclosed to stock exchanges.

“ We further inform you that as on date, there is no information or announcement which is pending to be disclosed which in our opinion may have a bearing on the price/volume behaviour in the scrip,” Balkrishna Paper Mills told BSE.

The stock rose 10 per cent to hit a high of Rs 50.75 on BSE. This is in addition to a 20 per cent jump each in the previous two sessions and a 8.42 per cent rise on Monday.

On Wednesday, four bulk deals took place on the counter in Rs 44.73-46.20 price range. On Thursday, the scrip had buy orders of 16,682 shares against sell orders of 1,840 shares.

Balkrishna Paper Mills is part of Siyaram Poddar Group, which is into the diversified businesses of manufacturing textiles, garments yarn, home furnishings and paper. The company  makes coated duplex boards, which are used for packaging by various industries such as pharmaceuticals, toiletries, cosmetics and healthcare products, readymade garments, instant food products, match boxes, incense sticks. Balkrishna Paper Mills Limited began its journey with humble roots in Maharashtra.

Paper stocks has seen dream run in 2022, with West Coast Paper Mills (up 126 per cent), JK Paper rallying 102 per cent, Tamil Newsprint (up 96.98 per cent), Andhra Paper (up 88 per cent), Seshasayee Paper (up 86 per cent) Star Paper Mills (up 47 per cent) seeing strong gains.

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