Jubilant Life Sciences gains on sale of hospital business

Jubilant Life Sciences is up more than 3% at Rs 141 after its wholly owned subsidiary of the company sells its hospital business to Narayana Health.

Jubilant Life Sciences is up more than 3% at Rs 141 after Jubilant First Trust Healthcare, a wholly owned subsidiary of the company sells its hospital business to Narayana Health.

The business has been transferred on a going concern basis as a slump sale which will enable Jubilant Life Sciences to focus on its core businesses in pharmaceuticals and life sciences, the company said in a statement.

Jubilant First Trust Healthcare operates two hospitals in West Bengal.

Meanwhile, till yesterday in past two days the stock has rallied 17% the company said its manufacturing facility at Montreal, Canada, has got a clean chit from the US Food and Drug Administration (US FDA).

A combined around 570,000 shares have changed hands till 0945 hours on the NSE and BSE.