China Stopping Pulp Production Pushing Up Paper Stocks, Ruchira Papers Says
Shares of the paper manufacturers in India rallied for the second straight day due to shutdown of pulp making factories in China, said Subhash Chander Garg, co-chairman and director at Ruchira Papers Ltd.
China has stopped manufacturing its own pulp, which has in turn raised pulp prices. This makes importing paper costly for India, hence it augurs well for stocks of domestic players Garg told BloombergQuint.
Ruchira Papers’ stocks reached a lifetime high of Rs 196.8 after it rose as much as 12.88 percent today.
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