Jubilant Life Sciences gains after its subsidiary proposes to raise funds

Jubilant Life Sciences gained 3.57% to Rs 643.50 at 10:30 IST on BSE after the company said that its material wholly-owned subsidiary's board of directors approved offering of unsecured high yield bonds.

The announcement was made during market hours today, 23 September 2016.

Meanwhile, the BSE Sensex was down 13.45 points, or 0.05%, to 28,759.68.

On BSE, so far 1.12 lakh shares were traded in the counter, compared with average daily volume of 2.43 lakh shares in the past one quarter. The stock hit a high of Rs 648, so far during the day, which is a record high for the stock. The stock hit a low of Rs 623.50 so far during the day. The stock hit a 52-week low of Rs 272.50 on 20 January 2016. The stock had outperformed the market over the past one month till 22 September 2016, rising 22.55% compared with Sensex's 2.81% gains. The scrip also outperformed the market in past one quarter, surging 85.12% as against Sensex's 7.5% gains.

The large-cap company has equity capital of Rs 15.93 crore. Face value per share is Re 1.

Jubilant Life Sciences said that the board of directors of company's material wholly-owned subsidiary, Jubilant Pharma (JPL) at a meeting held today, 23 September 2016, approved the proposal to launch a benchmark offering of unsecured high yield bonds (notes) outside India by JPL. The notes are proposed to be listed on the Singapore Exchange Securities Trading. Jubilant Pharma is a company incorporated under the laws of Singapore outside India.

Jubilant Life Sciences' consolidated net profit rose 22.5% to Rs 161.60 crore on 1.7% decline in net sales to Rs 1400.97 crore in Q1 June 2016 over Q1 June 2015.

Jubilant Life Sciences is an integrated global pharmaceutical and life sciences company engaged in manufacture and supply of active pharmaceutical ingredients (APIs), solid dosage formulations, radiopharmaceuticals, allergy therapy products and life science ingredients. It also provides services in contract manufacturing of sterile injectables and drug discovery solutions. The company's strength lies in its unique offerings of pharmaceuticals and life sciences products and services across the value chain.

Powered by Capital Market - Live News