JB Chemicals & Pharmaceuticals soared 11.13% to Rs 922.45 after the company's consolidated net profit surged 92.4% to Rs 119.51 crore on 17.1% increase in net sales to Rs 522.29 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax (PBT) soared 70.7% to Rs 157.07 crore in Q1 June 2020 as against Rs 91.99 crore in Q1 June 2019. Current tax expense for the quarter jumped 25.8% year-on-year to Rs 37.57 crore. The Q1 result was declared after market hours yesterday, 14 September 2020.
The business performance during the quarter improved due to a 18% growth in revenue coupled with an increase in other income (primarily from current investments) and a better product mix with savings in some heads of expenditure on account of the current situation due to the COVID-19 pandemic.
J B Chemicals & Pharmaceuticals is a pharmaceutical company manufacturing & marketing a diverse range of pharmaceutical formulations, herbal remedies and APIs.
The scrip hit an all-time high of Rs 965 in intraday trade. The stock has surged 186.74% from its 52-week low of Rs 321.70 hit on 24 October 2019.
On the technical front, the stock's RSI (relative strength index) stood at 80.628. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 757.42 and its 200-day moving average (DMA) placed at 601.52.
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