Ace-investor Radhakishan Damani pares stake in Andhra Paper; stock scales to an all-time high

As per the latest shareholding pattern of Andhra Paper, Damani-backed Bright Star Investment held 1 percent stake in the company, which totaled to 3.9 lakh equity shares

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Shares of Andhra Paper jumped 13 percent to a fresh lifetime high of Rs 675 per share on BSE on October 11 after ace investor Radhakishan Damani pared a 0.3 percent stake in the counter. The S&P BSE Sensex was up 373 points or 0.5 percent to 66,452 levels as of 12:35 am.

In the past three months, the stock of this smallcap company has surged 37 percent against a 1 percent rise in the Sensex benchmark.

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As per the latest shareholding pattern of Andhra Paper, Damani-backed Bright Star Investment held a 1 percent stake in the company, which totalled 3.9 lakh equity shares. Earlier, in the June-ended quarter, Bright Star held a 1.26 percent stake or 4.9 lakh equity shares in the entity.

Data therefore suggests that Bright Star sold as much as 1 lakh equity shares of the company between the July-September period.

That apart, foreign institutional investors (FIIs) increased their stake in Andhra Paper to 2.6 percent from 1.9 percent in the September 2023 quarter, suggested data from Trendlyne.

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The mutual fund holdings, however, decreased to 2.1 percent in the September-ended quarter from 4.6 percent.

Besides that, institutional investors, too, diluted their holdings to 5.2 percent during the same period from 7.1 percent, data added.

In the June-ended quarter of the fiscal year 2023-24 (Q1FY24), Andhra Paper revenue rose 5 percent year-on-year (YoY) to Rs 477 crore, whereas total income increased by 8 percent YoY to Rs 499 crore.

Meanwhile, the company’s net profit jumped 40 percent YoY to Rs 118 crore in Q1FY24 from Rs 113 crore in Q1FY23.

Andhra Paper is engaged in the business of manufacture and sale of paper, pulp and paper board. The company produces writing and printing paper, copiers and a wide range of speciality paper used in a diverse range of applications such as photos, batteries, cups, charts and other packing solutions.

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