Share price of JK Paper rose 14% intraday after the company said its board will consider share buyback on April 28, 2020.
"It is hereby intimated that a meeting of Board of Directors of the company is scheduled to be held on Tuesday, 28th April 2020, to consider and approve inter alia the proposal for buyback of the fully paid-up equity shares of the company," JK Paper said in a filing.
Following the update, share price of JK Paper climbed 14.4% to an intraday high of Rs 104.5 as against its previous closing value of Rs 91.35 on BSE.
JK Paper stock trades higher than 5, 20 and 50-day moving averages but lower than 100 and 200-day moving averages. The stock has risen 5% in one week, and 37% in the one month.
Share price of JK Paper closed 12.21% or 11.15 points higher at Rs 102.50 on BSE. JK Paper stock has otperformed 'Paper & Paper Products' sector by 8.39%. Meanwhile, 'Paper & Paper Products' has gained by 3.84%.
"The trading window of the Companyis already closed from 1 April 2020 till the expiry of 48 hours after the declaration of financial results of the Company for the quarter ended 31 March, 2020," the filing further added.