JB Chemicals & Pharmaceuticals lost 1.88% to Rs 192.70 at 9:20 IST on BSE, with the stock sliding on profit booking after Wednesday's 15.12% rally triggered by the company reporting strong Q1 earnings.
Meanwhile, the S&P BSE Sensex was down 8.50 points or 0.03% at 25,656.77.
On BSE, so far 14,000 shares were traded in the counter as against average daily volume of 1.28 lakh shares in the past two weeks.
The stock hit a high of Rs 195.95 and a low of Rs 191.15 so far during the day.
Shares of JB Chemicals & Pharmaceuticals (JB Chemicals) had rallied 15.12% to settle at Rs 196.40 on Wednesday, 6 August 2014, after the company after market hours on 5 August 2014, reported strong Q1 June 2014 earnings.
JB Chemicals' net profit jumped 56.44% to Rs 31.79 crore on 12.01% growth in net sales to Rs 256.71 crore in Q1 June 2014 over Q1 June 2013.
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JB Chemicals said that the top line during the quarter is strictly not comparable due to commencement of sales and distribution in Russia & CIS countries by the wholly owned subsidiary company during the quarter.
In order to tap opportunities, the company has undertaken expansion programme to create additional capacity for tablets, liquid, ointments, vials, eye drops, lozenges and Diclofenac API plant. The company plans to invest about Rs 140 crore in this new capacity and related infrastructure in the next 12-18 months. The capital expenditure will be met out of internal accruals, JB Chemicals said in a statement.
JB Chemicals & Pharmaceuticals, one of India's leading pharmaceutical companies, manufactures & markets a diverse range of pharmaceutical formulations, herbal remedies and APIs. The company exports to many countries worldwide with a strong presence in Russia, Ukraine, CIS countries and South Africa.
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