Shares of JK Paper surged as much as 5 per cent to hit intraday high of Rs 89 after the company informed the stock exchanges that it has decided to sell its 20 per cent holding in a joint venture, Oji JK Packaging Private Limited.
JK Papers had in October 2012 entered into a joint venture agreement with Oji Holdings Corporation, Japan (OHC), Marubeni Corporation, Japan and Oji India Packaging Private Limited (later renamed as Oji JK Packaging Private Limited) (OJPPL) for the purpose of manufacturing and sale of corrugated packaging products.
JK Paper said in a statement said, "It has decided at its meeting of committee of directors held on December 22, 2016, to sell the 20 per cent shareholding of OJPPL to OHC, one of the joint venture parties."
Following this development, JK Paper shares came in high demand as trading volumes on the counter surged 1.47 times. As many as 1.81 lakh shares changed hands on the BSE compared with an average of 1.22 lakh shares traded daily in the past two weeks.
As of 11:39 a.m., JK Paper shares traded 2.42 per cent higher at Rs 86.65, outperforming the Nifty which was trading on a flat note.
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