The stock also witnessed a Golden Crossover on daily charts when a short-term moving average (50-DMA) crossed above the long-term moving average (200-DMA) from below on 10 October 2023. Additionally, the paper stock has come out from a narrow range on the weekly frame where Rs 400 acted as a stiff resistance since September 2023, and on the downside, Rs 360 levels acted as a crucial support.
Paper consumption in India will likely reach 30 million tonnes by March 2027. There is growing demand from sectors such as FMCG and retail for innovative packaging solutions.
JK Paper shares tank 8% after Q3 earnings
PTI
New Delhi |
Updated on
January 28, 2021 Shares of JK Paper Ltd on Thursday tanked 8 per cent after the company reported a decline of 51 per cent in its consolidated net profit for the third quarter ended December. The company’s stock opened the day on a lower note and further declined 7.36 per cent to ₹117 on the BSE. At the NSE, it plunged 8 per cent to ₹116. JK Paper Ltd on Wednesday reported a decline of 51 per cent in its consolidated net profit at ₹64.59 crore for the December quarter. The company had posted a net profit of ₹131.85 crore in the year-ago period, JK Paper said in a regulatory filing.