Shares of Jubilant Pharmova skyrocketed close to 9 percent and scaled its record high Rs 1,038 on September 9, driven by a surge in trading volumes in the counter. As much as 73.43 lakh shares of the company changed hands on the exchanges so far, significantly higher than the one-month daily traded average of 42.9 lakh shares.
The volume was also nine times higher as compared to average volume at this time of the day.
At 1.03 pm, shares of Jubilant Pharmova were trading over 8 percent higher at Rs 1,030.35 on the NSE, despite coming off its record high.
Sentiment for the drugmaker has been running high since it reported a stellar set of earnings for the April-June quarter. On that account, the stock has soared over 38 percent in the past two months.
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The drugmaker posted a meteoric spike in its consolidated net profit for the first quarter of FY25 at Rs 481.8 crore, heavily boosted by gains on the sale of investment in its US-based associate firm, Sofie Biosciences. The company's bottomline stood at 6 crore i the same quarter of the previous fiscal.
Revenue also grew to Rs 1,731.7 crore in Q1 as against Rs 1,586.9 crore in the year-ago period.
Earlier this month, the company also announced plans to establish a unit, through its subsidiaries, to acquire the R&D centre of multinational pharma player Pierre Fabre in France
“This transaction will enable Jubilant Biosys to create a centre of excellence in Europe for Biologics and Antibody Drug Conjugates (ADC), tapping into a total addressable market of $500 million,” the company stated.
Jubilant Biosys, a subsidiary of Jubilant Pharmova, will invest up to €14.4 million over seven years, with €4.4 million allocated for an 80 percent stake in the new company being formed.
Investors were buoyed by the news, especially at a time when domestic drugmakers are amping up their focus on R&D in a bid to grab the lion's share of the high-margin, low competition complex drug market.
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