JK Paper Shares Rise Over 7% After Q1 Profit Beats Estimates

Shares of JK Paper Ltd. surged over 7% on Tuesday after its first-quarter profit beat analysts' estimates.

Shares of the company rose 5.87% to Rs 331.70 apiece as of 9:43 a.m., as compared to a 0.12% gain in the NSE Nifty 50. The scrip gained as much as 7.25% intraday, the most since March 17.

The relative strength index was at 59.90. Total traded volume stood at 23.2 times its 30-day average.

Out of the four analysts tracking the company, three maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 28%.