JB Chemicals & Pharmaceuticals gains on buyback plan

JB Chemicals & Pharmaceuticals rose 1.23% to Rs 352.80 at 12:07 IST on BSE after the company said that its board will consider buyback of shares on 23 May 2017.

The announcement was made during trading hours today, 17 May 2017.

Meanwhile, the S&P BSE Sensex was up 4.83 points, or 0.02% to 30,587.43.

On the BSE, 27,000 shares were traded in the counter so far, compared with average daily volumes of 11,125 shares in the past one quarter. The stock had hit a high of Rs 363.05 and a low of Rs 348 so far during the day. The stock hit a record high of Rs 403.60 on 14 October 2016. The stock hit a 52-week low of Rs 231 on 24 June 2016.

The stock had outperformed the market over the past one month till 16 May 2017, rising 4.25% compared with 3.97% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 7.15% as against Sensex's 8.62% rise.

The small-cap company has equity capital of Rs 16.96 crore. Face value per share is Rs 2.

JB Chemicals & Pharmaceuticals said that its board will meet 23 May 2017 to consider the proposal for buyback of fully paid-up equity shares by the company.

Net profit of J B Chemicals & Pharmaceuticals declined 23.72% to Rs 35.76 crore on 1.83% decline in net sales to Rs 265.62 crore in Q3 December 2016 over Q3 December 2015.

JB Chemicals & Pharmaceuticals is one of India's fastest growing pharmaceutical companies. It makes a range of innovative specialty products that include various pharmaceutical dosage forms like tablets, injectable (vials, ampoules, form fill seal), creams & ointments, lozenges, herbal liquids and capsules.

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