Shares of Jubilant Ingrevia hit a fresh high of Rs 299 as the stock surged 5 percent upper circuit on March 23 after the market veteran Rakesh Jhunjhunwala increased his stake in the stock.
Jubilant Ingrevia surged over 20 percent in the last two trading sessions after Jhunjhunwala announced that persons acting in his concert have purchased shares worth over Rs 3 lakh in the company on March 19. This increased his stake in the company to 6.23 percent of total paid-up capital.
Jubilant Pharmova had allotted Jhunjhunwala nearly 97 lakh shares (6.04 percent stake) as a result of its composite scheme of arrangement. A scheme of arrangement is used to execute arbitrary changes when a reorganisation is not possible by any other means.
Using this arrangement, Jubilant Lifesciences has demerged its pharma and life sciences businesses. It’s pharma business, Jubilant Pharmova is its current business and trades on the bourses. Its demerged life sciences business is now called Jubilant Ingrevia, got listed on Friday.
Jubilant Ingrevia is a specialty intermediate to pharma, agrochemical and other industries. It is a global lender of some key chemicals such as Pyridine and Vitamin B3. Its portfolio also extends to custom research and manufacturing for pharma and agro customers exclusively.
The stock has surged over 22 percent since March 19. It listed on BSE at the price of Rs 258. On March 19, it was trading at Rs 245 apiece on BSE. On March 23, it surged over 15 percent to end at Rs 284. On March 23, the stock hit its 52-week high to trade at Rs 299 – over 5 percent higher than its previous close. Since March 19, the stock has surged over 20 percent.
First Published: IST