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Shares of JK Paper surged more than 5 percent on Tuesday to hit a new 52-week high of Rs 450.

The stock is trading higher for the third day in a row on Tuesday, and has gained 6.5 percent during this period.

Shares of JK Paper have more than doubled this year.

The paper and packaging board major last month announced the acquisition plan for Horizon Packs Private Ltd (HPPL) and Securipax Packaging Private Ltd (SPPL) for about Rs 578 crore. The company added that the acquisition represents an 85 percent stake in both companies and will take place in phases.

CRISIL rating expects that the acquisition will lead to synergy benefits for JK Paper Ltd., HPPL and SPPL.

JK Paper is one of the largest players in the domestic writing and printing paper and paper board space, with installed capacity of 7,61,000 tonne per annum (including SPM and the new packaging board unit).

Its sustained market position is backed by its leadership in the copier segment, established brands offering premium products, diversified product portfolio and clientele, and robust distribution network, according to CRISIL.

Most other paper stocks have surged this year on growing demand in paper segment and growth in packaging board segment.

Shares of JK Paper are trading 3.4 percent higher at Rs 439.40.