JB Chemicals hits the roof on stock-split

DALAL STREET SPIKES

Stock of JB Chemicals was frozen at the 20 per cent upper limit at Rs 471.80 after the company announced that its board will consider a proposal of stock-spilt at its board meeting scheduled for January 27, 2005.

Dealers said, the stock witnessed aggressive buying with pending buy order at the counter by end of the day on stock split announcement.

Over 2.6 lakh shares the company changed hands on BSE. Market analysts said, host of pharma sector stocks is witnessing aggressive buying ahead of the patent regime end from January 2005, and the announcement by JB Chemicals that its board would consider a stock-split further fuelled the interest. A stock is expected to further improve the liquidity at the counter, analysts added.

Host of other pharma companies including the MNC pharma stocks were also big gainers in Monday's trading. Pfizer was up 8.34 per cent to Rs 692.60, Merck was up 8.82 per cent to Rs 567.35, Strides Arcolabs was up 6.68 per cent to Rs 210.15 and Divi's Labs was up 6.50 per cent to Rs 1,419.10 also traded higher.