JB Chemicals hits 52-week high; stock rallies 6%

The stock climbed after the media reports said that the private equity funds are eyeing a controlling stake in the pharmaceutical company.

May 06, 2020 01:05 IST India Infoline News Service

Shares of JB Chemicals & Pharmaceuticals surged 11% and hit a new high of Rs621 on the BSE in the morning trade. The stock climbed after the media reports said that the private equity funds are eyeing a controlling stake in the pharmaceutical company.

In the past one month, the stock rallied 39% as against a 15% rise in the S&P BSE Sensex.

As per ET report, KKR, Carlyle, Apax Partners and PAG are in the race to acquire the company at a valuation of about Rs5,000cr or $650 million.

The promoters, Jyotindra Bhagwanlal Mody is Chairman/Managing Director/Founder at JB Chemicals & Pharmaceuticals Ltd, he and family held 55.91% stake in the company as on March 31, 2020.

The stock is currently trading at Rs596.05, up by Rs35.75 or 6.38% from its previous closing of Rs560.30 on the BSE.

The scrip opened at Rs578 and has touched a high and low of Rs621.30 and Rs571 respectively.

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