J B Chemicals gains as board approves buyback

J B Chemicals & Pharmaceuticals rose 1.51% to Rs 342.20 at 14:27 IST on BSE after the company's board of directors the buy-back of equity shares.

The announcement was made during market hours today, 31 August 2018.

Meanwhile, the S&P BSE Sensex was down 64.16 points, or 0.17% to 38,625.94

On the BSE, 1.44 lakh shares were traded in the counter so far compared with average daily volumes of 37,000 shares in the past two weeks. The stock had hit a high of Rs 350 and a low of Rs 336.05 so far during the day. The stock hit a 52-week high of Rs 344 on 1 January 2018. The stock hit a 52-week low of Rs 236 on 11 July 2018.

 

J B Chemicals & Pharmaceuticals' board of directors approved the buy-back of up to 33.33 lakh equity shares (representing 3.99% of the total paid-up equity share capital of the company) at Rs 390 per share for a total consideration not exceeding Rs 130 crore through the tender offer route on a proportionate basis.

Net profit of J B Chemicals & Pharmaceuticals rose 106.53% to Rs 42.07 crore on 28.94% rise in net sales to Rs 365.97 crore in Q1 June 2018 over Q1 June 2017.

J B Chemicals & Pharmaceuticals manufactures 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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