Jubilant Organosys up over Belgian deal

DALAL STREET SPIKES

Jubilant Organosys was in limelight with the stock gaining 4.7 per cent at the BSE on news of its Belgian acquisition. The stock in intra-day trades touched a high of Rs 530 before closing at Rs 518.95.

The gains, however, were on a thin volume of 3,054 shares at the BSE. The stock at the National Stock Exchange closed at Rs 513.55 on better volumes of 18,868 shares.

Analysts said, apart from the overall buying, the announcement of company acquiring 80 per cent equity stake of the Belgium-based Pharmaceutical Services Inc and PSI Supply NV by paying Euro 13.5 million in cash, prompted buying at this counter.

However, the Jubilant Organosys counter had been under selling pressure because of overall weakness in the market and has fallen from its recent high of Rs 713.60 on April 30 to Today's close of Rs 518.95.