Shares of Jubilant Life Sciences surged 6 percent in intraday trade on Thursday after China on Wednesday terminated its six-year-long anti-dumping measures on pyridine imports from India and Japan.
Pyridine is an organic compound used as an important raw material and solvent in the production of pesticides, drugs, animal feed, food additives and other chemicals.
The Ministry of Commerce (MOC) announced that starting Thursday, the anti-dumping duties on pyridine imports from the two countries will be withdrawn.
China had imposed five-year anti-dumping tariffs on Indian and Japanese imports on November 21, 2013.
Jubilant Life Sciences shares quoted at Rs 528 apiece on the BSE at 9.31 am, after opening at Rs 534. The scrip touched the day's high of Rs 540.75 and low of Rs 525. It had closed at Rs 503.85 on Wednesday.
In the last four days, Jubilant Life Sciences shares have risen 8.5 percent. Year-to-date, the stock has corrected by over 25 percent, while the 10-year return on the stock is a little over 72 percent.
The pharma company reported almost 19 percent jump in consolidated net profit at Rs 249.39 crore for the quarter ended September 30, 2019. It had posted a net profit of Rs 209.77 crore in the corresponding July-September period of the previous fiscal, it said in a filing to the BSE.
Consolidated total revenue from operations stood at Rs 2,265.93 crore for the quarter as against Rs 2,269.49 crore in the same period a year ago.
"We witnessed a steady performance in revenue and improvement in operating profits in Q2'FY20 both on a YoY basis and sequentially," Jubilant Life Sciences chairman Shyam S Bhartia and co-chairman and MD Hari S Bhartia had said.
-with inputs from PTI