Rakesh Jhunjhunwala buys 25 lakh shares of this pharma firm, stock rises 4%

Jubilant Pharmova share gained over 4 per cent in early trade today after ace investor Rakesh Jhunjhunwala bought 25 lakh shares of the company. The mid cap stock touched an intraday high of Rs 639.45, rising 4.51% against previous close of Rs 611.85 on BSE.

Jubilant Pharmova share trades higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.

Jubilant Pharmova share has gained 6.14% in the last 2 days. The share has lost 26% in one year and fallen 25.56% since the beginning of this year. Total 0.43 lakh shares of the firm changed hands amounting to turnover of Rs 2.74 crore on BSE.

Market cap of the pharma firm rose to Rs 10,014 crore. The share hit 52-week high of Rs 981.90 on February 8, 2021 and 52-week low of Rs 584.95 on August 24, 2021.

As per bulk deals data, Rekha Rakesh Jhunjhunwala bought 20 lakh equity shares and Rakesh Radheyshyam Jhunjhunwala  purchased 25 lakh shares at Rs 594.35 per equity share. But THE ace investor's firm Rare Enterprises offloaded 40.25 lakh equity shares at the same price.

 On a net basis, Jhunjhunwala and his wife, Rekha, bought 4.75 lakh equity shares in the firm (0.29 percent of the total paid up equity) at the same price.

At the end of June quarter, promoters held 50.68% stake and public shareholders owned 49.26% in the firm.

As per the shareholding pattern of June 2021, Rakesh Radheshyam Jhunjhunwala held 6.29 percent stake or 1 crore shares in the company.

In June quarter of the current fiscal, the firm reported a consolidated net profit of Rs 160.49 crore against a net profit of Rs 35.39 crore for the year-ago period.

Revenue from continuing operations stood at Rs 1,634.65 crore in Q1 against Rs 1,156.07 crore revenue in the corresponding period a year ago.