Jubilant Life Sciences rose 3.04% to Rs 431.95 at 9:59 IST on BSE after the Reserve Bank of India notified increase in foreign investment ceiling in the company up to 45% of its paid-up capital.
Meanwhile, the S&P BSE Sensex was up 25.69 points or 0.1% at 25,544.91.
On BSE, so far 53,000 shares were traded in the counter as against average daily volume of 2.76 lakh shares in the past one quarter.
The stock hit a high of Rs 436 and a low of Rs 426 so far during the day. The stock had hit a record high of Rs 455 on 7 December 2015. The stock had hit a 52-week low of Rs 116.20 on 26 December 2014.
The stock had outperformed the market over the past one month till 18 December 2015, gaining 4.32% compared with Sensex's 0.14% rise. The scrip had also outperformed the market in past one quarter, surging 24.17% as against Sensex's 2.67% fall.
The mid-cap company has equity capital of Rs 15.93 crore. Face value per share is Rs 1.
The Reserve Bank of India (RBI) has on Friday, 18 December 2015, notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 45% of the paid-up capital of the company under the Portfolio Investment Scheme (PIS). The RBI stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges, RBI said.
FIIs held 17.56% stake in Jubilant Life Sciences as per the shareholding pattern as on 30 September 2015.
On consolidated basis, Jubilant Life Sciences reported net profit of Rs 115.82 crore in Q2 September 2015 compared with net loss of Rs 94.11 crore in Q2 September 2014. Net sales rose 6.1% to Rs 1444.74 crore in Q2 September 2015 over Q2 September 2014.
Jubilant Life Sciences is an integrated global pharmaceutical and life sciences company engaged in manufacture and supply of APIs, solid dosage formulations, specialty pharmaceuticals and life science ingredients. It also provides services in contract manufacturing and drug discovery solutions.
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