Jubilant Life slips 2.5% after scaling a 52-week peak in early trade

Shares of Jubilant Life Sciences surged 5.5 per cent to hit a 52-week high of Rs 909.75 on the BSE on Tuesday, a day after the company said it has launched the generic version of antiviral drug remdesivir in India for the treatment of Covid-19 patients.

The stock, however, erased its morning gains later and slipped into the negative territory. At 12:05 AM, the stock was quoting 2 per cent lower at Rs 845 on the BSE. It hit a low of Rs 840.45 against Monday's close of Rs 862.30. 

In comparison, the S&P BSE Sensex was trading 547 points or nearly 1.5 per cent higher at 37,486 levels.  

The injectable drug, under the brand name 'JUBI-R', is priced at Rs 4,700 per vial of 100 mg. The company will make the drug available to over 1,000 hospitals providing Covid-19 treatment, Jubilant Life Sciences said in a statement. READ MORE

In May 2020, Jubilant entered into a non-exclusive licensing agreement with Gilead Sciences Inc that granted it the right to register, manufacture and sell the US-based firm's investigational drug remdesivir in 127 countries, including India, the statement said.

For the quarter ended March 2020 (Q4FY20), the company had reported a consolidated net profit of Rs 260.49 crore as compared with net loss of Rs 100.65 crore in Q4 March 2019. READ MORE

Consolidated net sales slipped 1.9 per cent to Rs 2,307.32 crore during the March quarter. Consolidated pre-tax profit stood at Rs 355.95 crore as against pre-tax loss of Rs 39.98 crore in Q4 March 2019.