Jubilant Life Sciences rose 3.43% to Rs 141.70 at 12:26 IST on BSE after the company said its wholly-owned subsidiary Jubilant First Trust Healthcare has sold its hospital business to Narayana Health.
The announcement was made after market hours on Monday, 3 March 2014.
Meanwhile, the S&P BSE Sensex was up 194.49 points or 0.93% at 21,141.14.
On BSE, so far 2.11 lakh shares were traded in the counter as against average daily volume of 62,475 shares in the past one quarter.
The stock hit a high of Rs 147.50 and a low of Rs 138.10 so far during the day. The stock had hit a 52-week high of Rs 190 on 14 March 2013. The stock had hit a 52-week low of Rs 65.10 on 28 August 2013.
The stock had underperformed the market over the past one month till 3 March 2014, advancing 3.2% compared with the Sensex's 3.65% rise. The scrip had also underperformed the market in past one quarter, declining 5.84% as against Sensex's 0.44% rise.
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The small-cap company has equity capital of Rs 15.93 crore. Face value per share is Re 1.
Jubilant First Trust Healthcare (JFTH), a wholly owned subsidiary of Jubilant Life Sciences (JLL) sold its hospital business to Narayana Health. JFTH operates two hospitals 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 JLL to focus on its core businesses in Pharmaceuticals and Life Sciences, the company said in a statement.
Commenting on the occasion, Ms. Aashti Bhartia, Director Jubilant First Trust Healthcare said, "We entered the hospital business with the vision to build high quality and affordable healthcare. We are happy to hand over the hospitals to Narayana Health, whom we are confident of taking the vision forward".
Speaking on the occasion, Dr. A. Raghuvanshi, Vice Chairman, MD and Group CEO, Narayana Health said, "The acquisition of Jubilant First Trust Healthcare's hospital business in West Bengal is part of our strategic growth plan for East India. We have plans to upgrade the facilities at Jubilant Kalpataru Hospital in Kolkata to offer tertiary level super-speciality care in four to six months. We are glad to include these hospitals into our network and reinforce our commitment to West Bengal in bringing high-class super-speciality healthcare services within the reach of the common man".
Jubilant Life Sciences' consolidated net profit spurted 437.4% to Rs 143.43 crore on 10.2% growth in net sales to Rs 1427.65 crore in Q3 December 2013 over Q3 December 2012.
Jubilant Life Sciences is a global pharmaceutical and life sciences company engaged in manufacture and supply of APIs, generics, specialty pharmaceuticals and life science ingredients
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