JB Chemicals gains 7% as board mulls share buyback plan

The stock of JB Chemicals has underperformed the market since it touched its recent high of Rs 405 on September 13, 2019.

Shares of JB Chemicals & Pharmaceuticals were up 7 per cent to Rs 387 on the BSE on Thursday after the drug maker announced that its board will meet on November 12, 2019 to consider share buyback proposal. The stock is 6 per cent away from its 52-week high level of Rs 411 touched on September 9, 2019.

“The board of directors will meet on November 12 to (also) consider the proposal for buy-back of fully paid-up equity shares by the Company,” JB Chemicals said in a regulatory filing.

On October 4, the company had said the board will meet on November