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JB Chemicals & Pharmaceuticals gains on buyback plan

Capital Market 

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

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

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

On the BSE, 27,000 were traded in the counter so far, compared with average daily volumes of 11,125 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.

& 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.

& 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 17 2017. 12:08 IST