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J B Chemicals & Pharmaceuticals, a pharmaceutical firm that manufactures and markets a various vary of prescription drugs is up by over 40% within the final one week. The rally was triggered by the corporate’s sturdy first quarter efficiency. Its consolidated web revenue surged by over 92% to ₹119.51 crore on 17.1% improve in web gross sales to ₹522.29 crore in Q1 June 2020 over the identical month, final yr. The share closed at ₹1,125 on Friday.
The sturdy outcomes for Q1 FY21 had been pushed by development in exports, API and continual therapies within the home market, together with decrease gross sales and advertising prices throughout lockdown. The outcomes had been introduced after market hours on 14 September 2020.
J B Chemicals & Pharmaceuticals Ltd, integrated in 1976, has a market cap of ₹8,729 crore. The firm exports to many nations worldwide with presence in US, Europe, Australia, South Africa, different creating nations, Russia and CIS. The stock has rallied by 106% within the final six months and by 187% within the final one yr.
Earlier this yr on July 2, Global funding agency KKR & Co. Inc entered into an settlement to amass 41.7 million fairness shares of JB Chemicals, representing 54%, from the promoters of the corporate. As a part of the deal, KKR acquired the stake at ₹745 per share.
After this transaction, an open provide was launched to amass 20.93 million absolutely paid-up fairness shares of JB Chemicals, representing 26%. The open provide commenced on Friday, September 11, and can shut on September 24.
The stock of JB Chemicals and Pharmaceutical has gained 51% ever for the reason that acquisition was introduced.
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