Meanwhile, the BSE Sensex was down 24.02 points, or 0.12%, to 19,588.18.

On BSE, 5.38 lakh shares were traded in the counter as against an average daily volume of 46,821 shares in the past one quarter.

The stock hit a high of Rs 415.65, which is also a record high. It hit a low of Rs 386.60 so far during the day. The stock had hit a 52-week low of Rs 79.75 on 7 April 2010.

The stock had outperformed the market over the past one month till 6 April 2011, soaring 155.09% compared with the Sensex's 6.09% rise. The scrip had also outperformed the market in past one quarter, spurting 164.46% as against 2.84% decline in the Sensex.

The mid-cap paper maker has an equity capital of Rs 39.77 crore. Face value per share is Rs 10.

The stock rallied after US-based International Paper Company acquired Andhra Pradesh Paper Mills from its promoters. After market hours on 29 March 2011, AP Paper said its promoter group company, L. N. Bangur Group sold its entire 53.46% stake in the company to US-based International Paper Company for $257 million in cash. The US company will also pay the promoters an additional $62 million as non-compete fee.

Later on 1 April 2011, the US firm announced an open offer for an additional 85.67 lakh shares, or 21.54% stake in the company at Rs 544.20 per share. The offer will begin on 26 May 2011 and close on 14 June 2011. If the open offer is successful, the US paper manufacturing giant will control 75% in the Indian firm.

AP Paper's net profit declined 12.5% to Rs 8.20 crore on 7% rise in net sales to Rs 173.05 crore in Q3 December 2010 over Q3 December 2009.