Jubilant Pharmova share price surged as much as 2.3 per cent to Rs 636.25 apiece in intraday on BSE, after the ace investor Rakesh Jhunjhunwala picked up a stake in the company through open market transaction last week
Jubilant Pharmova share price surged as much as 2.3 per cent to Rs 636.25 apiece in intraday on BSE, after the ace investor Rakesh Jhunjhunwala picked up a stake in radiopharmaceuticals manufacturer through open market transaction last week. Rakesh Jhunjhunwala bought 25 lakh shares and wife Rekha Rakesh Jhunjhunwala acquired 20 lakh equity shares of Jubilant Pharmova at Rs 594.35 per equity share. Jhunjhunwala’s firm Rare Enterprises offloaded 40.25 lakh equity shares at the same price, as per the bulk deals data published on the NSE.
As per the shareholding pattern of June 2021, Rakesh Radheshyam Jhunjhunwala and wife held a 6.29 per cent stake in the company. Foreign Portfolio Investors (FPIs) such as East Bridge Capital Master Fund, Government Pension Fund Global and East Bridge Capital Master Fund I held 24.82 per cent stake in Jubilant Pharmova.
The stock was trading at Rs 633.59 apiece, up Rs 11.80, or 1.90 per cent. It has touched an intraday high of Rs 636.25 and a low of Rs 627 so far. In the past five days, the stock has gained 5.24 per cent. While, in the last one month it has corrected nealy 8 per cent. So far in the year 2021, the stock has tanked nearly 30 per cent. In traded volume terms, 20,000 shares exchanged hands on BSE, while 1.17 lakh units have traded so far on the NSE.
Domestic research and brokerage firm ICICI direct Research had pegged a target price of Rs 850 apiece, a rally of 22 per cent. The research firm in a July report noted Jubilant Pharmova’s share price has grown by 2.3x over the past five years (from Rs 314 in June 2016 to Rs 732 in June 2021) even after considering demerger of life science ingredients business into Jubilant Ingrevia. “Despite regulatory concerns, we remain positive and retain our ‘buy’ rating on the stock,” it said.