JB Chemicals rallies 19% in two days on strong June quarter numbers
published 16.09.2020 16:25
At 02:22 pm, the stock was trading 9.5 per cent higher at Rs 982 on the BSE, as compared to a 0.56 per cent rise in the The trading volumes on the counter jumped an over three-fold with a combined 1.73 million equity shares changing hands on the NSE and BSE so far.
After this transaction, an open offer was launched to acquire 20.93 million fully paid-up equity shares of JB Chemicals, representing 26 per cent.
Inc entered into an agreement to acquire 41.7 million equity shares of JB Chemicals, representing 54 per cent, from the promoters of the company.
In the past six-months, the stock has soared 82 per cent against 25 per cent rise in the JB Chemicals’ consolidated net profit for the quarter ended June 2020 (Q1FY20) nearly doubled to Rs 119 crore.
Shares of (JB Chemicals) moved higher by 10 per cent to Rs 985 on Wednesday, thereby surging 19 per cent in the past two trading days after the company reported strong earnings driven by growth in exports, API, and chronic therapies in the domestic market, along with lower sales and marketing costs during the lockdown.