Latest news with #JKPaper
Time of India
a day ago
- Business
- Time of India
India-UK FTA a big step forward, will help businesses grow: JK Paper CMD Harsh Pati Singhania
New Delhi: Welcoming the India-UK Free Trade Agreement (FTA), Harsh Pati Singhania , Chairman and Managing Director of JK Paper , has said it is a big step forward for businesses and strengthens economic ties between the two countries. He said the deal will boost business growth, enhance confidence among Indian companies, and bring relief to Indian professionals working in the UK by addressing issues related to the social service tax. 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This will help our businesses grow and increase our confidence. Another significant thing is that the people who go to work in the UK for 2-3 years will not suffer anymore because of the social service tax. It is a very big step forward," Singhania said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Car Finance Between 2007–2020? You May Be Entitled to a Refund. Check Now. My Car Loan Claims Learn More Undo India and the United Kingdom took a big step last week in building a stronger economic partnership with the signing of the Comprehensive Economic and Trade Agreement ( CETA ). The agreement was signed by Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade, Jonathan Reynolds in the presence of the two Prime Minister Narendra Modi and his UK counterpart Keir Starmer Live Events The FTA marks a significant milestone in India's engagement with major developed economies and reflects a shared commitment to strengthening economic integration. As the world's fourth and sixth largest economies respectively, India and the UK's bilateral engagement holds global economic significance. The signing of the India-UK CETA follows the successful conclusion of negotiations announced on 6th May 2025. The bilateral trade between the two countries stand at nearly USD 56 billion, with a joint goal to double this figure by 2030. CETA secures unprecedented duty-free access for 99% of India's exports to the UK, covering nearly the entire trade basket. This is expected to open new opportunities for labour-intensive industries such as textiles, marine products, leather, footwear, sports goods, toys, and gems and jewellery, alongside fast-growing sectors like engineering goods, auto components, and organic chemicals. The services sector, a strong driver of India's economy, will also see wide-ranging benefits. The agreement provides greater market access in IT and IT-enabled services, financial and legal services, professional and educational services, and digital trade. Indian professionals, including those deployed by companies to work in UK across all services sectors, professionals deployed on contracts such as architects, engineers, chefs, yoga instructors, and musicians, will benefit from simplified visa procedures and liberalised entry categories, making it easier for talent to work in the UK. The two countries had in May announced the successful conclusion of a mutually beneficial FTA.
Yahoo
2 days ago
- Business
- Yahoo
JK Paper to acquire Borkar Packaging amid profit decline
Indian paper and packaging board manufacturer JK Paper has reported a continuous decline in profit for the eighth consecutive quarter. The company's consolidated net profit for the quarter ending 30 June saw a nearly 42% year-on-year drop to Rs812.3m ($9.3m). It reported gross revenues from operations of Rs14.71bn. The company also disclosed its strategic move to acquire a 72% stake in Borkar Packaging for Rs2.35bn. This acquisition comes at a time when domestic paper manufacturers, including JK Paper, are grappling with the dual challenge of escalating wood costs and competition from lower-priced imports. JK Paper said: 'Lower volume and sales realisation due to cheap imports with continued high wood cost have adversely impacted performance. Sirpur Paper Mills also had annual planned shut during the quarter.' The company's net revenue from operations also witnessed a slight decline of 2.3% to Rs16.74bn while raw material costs surged by 9.2%, reported Reuters. In response to the country's industry's concerns, India has initiated antidumping investigations into imports of paperboard from countries such as Indonesia, Chile, and China. These imports have reportedly been affecting the local market, where paperboard is a crucial material for packaging consumer goods, pharmaceuticals, and electronics. JK Paper's acquisition of Borkar Packaging is a strategic move to strengthen its position in the packaging sector. Borkar, which counts major consumer conglomerates such as Unilever and Nestlé among its clients, operates factories in eight locations across India. With this acquisition, JK Paper aims to become one of the top three players in the folding cartons segment of the packaging industry. "JK Paper to acquire Borkar Packaging amid profit decline" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Standard
2 days ago
- Business
- Business Standard
JK Paper rises as Q1 PAT jumps 7% QoQ to Rs 81 cr
JK Paper rose 2.34% to Rs 359.35 after its consolidated net profit jumped 6.60% to Rs 81.23 crore in Q1 FY26, compared to Rs 76.20 crore posted in Q4 FY25. However, revenue from operations declined by 0.90% quarter-on-quarter (QoQ) to Rs 1,674.16 crore in the quarter ended 30 June 2025. On a year-on-year (YoY) basis, net profit fell 41.86%, while revenue from operations shed 2.30% in Q1 FY26. In Q1 FY26, profit before tax fell by 40.03% year-on-year to Rs 116 crore, as compared to the same quarter in FY25. Total expenses rose 2.19% year on year to Rs 1,583.23 crore in the quarter ended 30 June 2025. The cost of material consumed stood at Rs 149.58 (up 10.37%YoY), finance cost was at Rs 67.14 crore (up 88.64%) during the period under review. Revenue from paper and packaging segment declined 3.91% to Rs 1,641.82 crore in Q1 FY26 as against Rs 1,708.73 crore in Q1 FY25. Revenue from others segment jumped 192.13% to Rs 34.91 crore in Q1 FY26 from Rs 11.95 crore in Q1 FY25. Shri Harsh Pati Singhania, said, the companys core business in paper and paper Board continued to face headwinds from cheap imports resulting in depressed sales realization and ongoing high domestic wood prices. Despite this, JK Paper improved its profits on a sequential basis. The board of directors of JK Paper (JKPL) has approved the acquisition of a majority stake in Borkar Packaging Private (BPPL). Commenting on the acquisition, Shri Harsh Pati Singhania, chairman & managing director, said, The Packaging Conversion business is amongst the fastest growing segments in the Indian Paper and Packaging industry driven by growth in end use industries. The acquisition of BPPL is in line with the long term strategic objective of the Company and gives us an opportunity to offer combined solution to customers with respect to secondary and tertiary packaging. BPPLs customers, employees, vendors and partners will benefit from JK Papers strong knowledge of manufacturing and its high standards in operational excellence, financial management and corporate governance. With this acquisition, JKPL will further strengthen its top leadership position in the corrugated packaging segment and emerge amongst the top three players in the Folding Cartons space. BPPL is engaged in the manufacturing of packaging products such as folding cartons, corrugated boxes, and labels. The company operates seven plants across India and reported revenue of Rs 393.20 crore for the financial year 202324. Furthermore, the companys board approved the proposed issuance of redeemable non-convertible debentures (NCDs) of up to Rs 500 crore (Rupees five hundred crore only), in one or more tranches or series. The funds raised will be utilized for routine capital expenditure, long-term working capital requirements, and general corporate purposes, in compliance with applicable regulations and guidelines. JK Paper is the leading player in office papers, coated papers and Packaging boards. It is one of the most respected paper companies today.
Business Standard
2 days ago
- Business
- Business Standard
JK Paper consolidated net profit declines 41.86% in the June 2025 quarter
Sales decline 2.30% to Rs 1674.16 croreNet profit of JK Paper declined 41.86% to Rs 81.23 crore in the quarter ended June 2025 as against Rs 139.72 crore during the previous quarter ended June 2024. Sales declined 2.30% to Rs 1674.16 crore in the quarter ended June 2025 as against Rs 1713.65 crore during the previous quarter ended June EndedJun. 2025Jun. 2024% -2 OPM %14.7616.36 -PBDT205.06273.74 -25 PBT116.00193.44 -40 NP81.23139.72 -42 Powered by Capital Market - Live News
Business Recorder
2 days ago
- Business
- Business Recorder
India's JK Paper reports decline in first-quarter profit on higher costs
Indian paper and packaging board maker JK Paper reported an eighth straight quarter of a decline in profit on Monday and said it would acquire a 72% stake in private peer Borkar Packaging for 2.35 billion rupees. Domestic paper manufacturers have been facing a double whammy of higher wood prices — a key raw material — and lower-priced imports in recent quarters. JK Paper's consolidated net profit fell nearly 42% year-on-year to 812.3 million rupees ($9.4 million) for the quarter ended June 30. The core business 'continued to face headwinds from cheap imports resulting in depressed sales realization and ongoing high domestic wood prices', said Managing Director Harsh Singhania. Net revenue from operations declined 2.3% to 16.74 billion rupees, while raw material costs rose 9.2%. EU-sanctioned Indian refiner Nayara takes Microsoft to court over outage Following appeals from the industry, India launched anti-dumping probes into imports of paperboard — used in packaging of products such as consumer goods, pharmaceuticals and electronics — from Indonesia, Chile and China. Separately, JK Paper said the acquisition of Borkar — which supplies to consumer conglomerates such as Unilever and Nestle — will help it emerge among the top three players in the folding cartons segment of packaging. Borkar has factories in eight locations across India.
