Shree Rama Newsprint allots shares to ICICI Bank

Shree Rama Newsprint Ltd has informed BSE that Securities Allotment Committee of the Board of Directors of the Company in its meeting held on January 09, 2017, has allotted 2,91,72,900 equity shares of Rs. 10/- each to ICICI Bank Ltd.

Jan 10, 2017 02:01 IST India Infoline News Service

Shree Rama Newsprint Ltd has informed BSE that Securities Allotment Committee of the Board of Directors of the Company in its meeting held on January 09, 2017, has allotted 2,91,72,900 equity shares of Rs 10 each to ICICI Bank Ltd. subject to locking for a period of one year from trading approval on conversion of 2,91,72,900 OCD of Rs 10 each to ICICI Bank Ltd.

The year 2016 has been a great year for the paper industry with the prices of paper seen improving for the year. The stock has gone up by 51% in one year. Over one year period the stock has outperformed BSE small cap index and BSE FMCG index.

Shree Rama Newsprint, is one of India’s largest private sector Newsprint and Printing & Writing Paper manufacturing company at a single location in India.



Stock view:-

Shree Rama Newsprint Ltd ended at Rs 38, up by Rs 0.2 or 0.53% from its previous closing of Rs 37.8 on the BSE.

The scrip opened at Rs 36.35 and touched a high and low of Rs 38.75 and Rs 36.3 respectively. A total of 79806(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 449 crore.

The BSE group 'B' stock of face value Rs 10 touched a 52 week high of Rs 39.25 on 05-Jan-2017 and a 52 week low of Rs 17.95 on 22-Jan-2016. Last one week high and low of the scrip stood at Rs 39.25 and Rs 31 respectively.

The promoters holding in the company stood at 74.72 % while Institutions and Non-Institutions held 0.13 % and 25.15 % respectively.

The stock traded above its 50 DMA.

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