Astron Paper & Board Mill has entered into a Memorandum of Understanding (MoU) with the promoters of Balaram Papers to take over the existing plant located at Ganeshpura, Ta-Kadi, Mehsana district in state of Gujarat.

Astron Paper & Board Mill is engaged in the manufacturing of kraft paper (paperboard or cardboard). It comes up with the eco-friendly concept and working towards goal of converting waste in to wealth.

The stock had outperformed the market over the past one month till Apr. 23, 2018, rising 8.10% compared with the Sensex's 5.69% rise. It underperformed the market in past one quarter, declining 16.36% as against 3.76% fall in the Sensex.

Shares of the company gained Rs 3.65, or 2.95%, to trade at Rs 127.30 at the BSE (Tuesday).