Jubilant Life Sciences jumped 6.39% to Rs 124 at 10:22 IST on BSE after the company said that the US drug regulator classified the company's pharmaceutical manufacturing facility at Montreal in Canada as acceptable.
Meanwhile, the BSE Sensex was up 95.45 points, or 0.45%, to 21,082.44.
On BSE, so far 75,000 shares were traded in the counter, compared with an average volume of 75,324 shares in the past one quarter.
The stock hit a high of Rs 126 and a low of Rs 121.50 so far during the day. The stock hit a 52-week high of Rs 190 on 12 March 2013. The stock 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 26 February 2014, sliding 5.59% compared with the Sensex's 0.69% fall. The scrip had also underperformed the market in past one quarter, falling 4.15% as against Sensex's 2.75% rise.
The small-cap integrated pharmaceuticals and life sciences company has an equity capital of Rs 15.93 crore. Face value per share is Re 1.
Jubilant Life Sciences announced that it has received a communication from the US Food and Drug Administration (FDA), classifying its pharmaceutical manufacturing facility at Montreal in Canada as 'acceptable'. This resolves all issues raised by the FDA on the facility in February 2013 and subsequent communications, the company said.
The development follows completion of FDA's review of the company's responses post the February letter and the subsequent re-inspection conducted at Jubilant's Montreal facility in September, 2013. This development successfully resolves the FDA issues at our Montreal facility, Jubilant Life Sciences said.
In February 2013, Jubilant Life Sciences had informed that one of its manufacturing facility, Jubilant HollisterStier General Partnership (JHS), located at Kirkland, Quebec, Canada was issued a Warning Letter (WL) by US FDA identifying significant violations of current Good Manufacturing Practices (cGMP) Regulations.
Jubilant Life Sciences' consolidated net profit surged 437.39% to Rs 143.43 crore on 10.44% growth in total income from operations to Rs 1442.78 crore in Q3 December 2013 over Q3 December 2012. The profit after tax (PAT) during the quarter was boosted by exceptional items.
Consequent to re-evaluation of certain tax provisions pertaining to earlier years (including deferred taxes), tax benefit (net of reversal of deferred tax assets and true up of current tax) amounting to Rs 78.96 crore and Rs 56.35 crore has been recognized in the current quarter and nine months ended 31 December 2013 respectively, the company said.
Amortization of debit balance in foreign currency monetary items translation difference account (FCMITDA) of Rs 25.40 crore, Rs 38.74 crore, Rs 22.45 crore, Rs 89.65 crore, Rs 45.60 crore and Rs 63.16 crore for the quarter ended 31 December 2013, 30 September 2013, 31 December 2012; nine months ended 31 December 2013, 31 December 2012; and year ended 31 March 2013 respectively, representing exchange difference on long-term foreign currency monetary liabilities which has been used for the purpose other than acquiring fixed assets, Jubilant Life Sciences said. The remaining amount of exceptional items for all periods primarily represents foreign exchange difference for the period (excluding portion included in finance cost) and mark to market gain/loss (net of related contractual recoveries) in respect of currency and interest rate swap contracts, the company said.
With regard to future business outlook, Jubilant Life Sciences said the 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 and backward integration of Pyridine and expansion to newer markets. The company said it expects revenue growth due to strong pipeline in APIs and Solid Dosage Formulations, new product launches, expansion in newer geographies in API and Formulations, and robust order book in Sterile Injectables.
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. It also provides services in contract manufacturing and drug discovery and development. The company's strength lies in its unique offerings of pharmaceutical and life sciences products and services across the value chain. With 10 world-class manufacturing facilities in India, US and Canada and a team of over 6,300 multicultural people across the globe, the company is committed to deliver value to its customers spread across 100 countries.
Powered by Capital Market - Live News
