Speculations on a possible takeover by ITC saw the stock of Andhra Pradesh Paper

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Mills (AP Paper) hit a 12-month high in Tuesday’s trade. The paper maker’s shares touched a high of Rs 232 before closing at Rs 223.55, up almost 10 per cent from its Monday closing price.

AP Paper has denied that the two companies are planning any such deal. “There is no truth in this. We have had no interaction with ITC. Also, there is no plan to sell out to any other company,” Shreeyash Bangur, director (corporate), AP Paper, told Financial Chronicle.

ITC has refused to react on the development. “We do not comment on market speculation,” spokesman Nazib Arif said. Still, markets remained agog with news about ITC buying a controlling stake in the Hyderabad-based company. The AP Paper scrip saw strong trading numbers with volume exceeding 1,358, 048 shares traded in the day.