Moneycontrol Bureau
Shares of Jubilant Life Sciences jumped over 7 percent intraday on Tuesday, as its subsidiary exited from hospital business in east India. Jubilant First Trust Healthcare, a wholly-owned subsidiary of Jubilant Life Sciences, has sold its hospital business to Narayana Health.
The two hospitals are based in West Bengal - Kalpataru in Barasat and Rabindranath Thakur in Berhampore.
"The business has been transferred on a going concern basis as a slump sale which will enable Jubilant Life Sciences to focus on its core businesses in pharmaceuticals and life sciences," it said in a statement to the BSE.
Meanwhile, the drug company’s October-December quarter earnings had impressed the street with net profit jumping 437 percent to Rs 143.43 crore, up from Rs 26.69 crore year-on-year.
Its total income grew 10 percent growth at Rs 1,442.78 crore in the quarter against Rs 1,306.39 crore in a yearly basis.
The company had said that revenues and EBIDTA are expected to improve in the coming quarters led by improved capacity utilisations in sterile injectables and OCL, nutrition ingredients, Symtet and 3CP, backward integration of Pyridine and expansion to newer markets.
At 10:56 hrs, the stock was at Rs 140.50, up Rs 3.50, or 2.55 percent.
Posted by Nasrin Sultana
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