Nirvikara Paper breaches UC
By
Research Desk
about 9 years ago
Nirvikara Paper Mills breached the 5% upper circuit at Rs.62.10. Its 52-week high and low stands at Rs.96 and Rs.28.70 respectively.
The stock is in the limelight today and for some time now on account of some bulk buying on the counter. This could have been in anticipation of its getting the shareholders approval for divestment of its shares in Balkrishna Synthetics. This is said to be sold for a consideration of Rs.45 crore.
The company will be using the funds raised to reduce its debt of Rs.79 crore and this is expected to help in terms of margins improving on account of reduction of interest outgo.