JB Chemicals & Pharmaceuticals spurted 15.18% to Rs 196.50 at 11:33 IST on BSE after 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.
The Q1 result was announced after market hours on Tuesday, 5 August 2014.
Meanwhile, the S&P BSE Sensex was down 40.85 points or 0.16% at 25,867.16.
On BSE, so far 4.55 lakh shares were traded in the counter as against average daily volume of 65,000 shares in the past two weeks.
The stock hit a high of Rs 200 so far during the day, which is a record high for the counter. The stock hit a low of Rs 183.45 so far during the day.
JB Chemicals & Pharmaceuticals (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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