JB Chemicals rises on getting nod to set up wholly-owned step-down subsidiary in Philippines

JB Chemicals & Pharmaceuticals is currently trading at Rs. 2791.55, up by 79.60 points or 2.94% from its previous closing of Rs. 2711.95 on the BSE.

The scrip opened at Rs. 2749.90 and has touched a high and low of Rs. 2838.00 and Rs. 2735.60 respectively. So far 6767 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 2,838.00 on 10-Aug-2023 and a 52 week low of Rs. 1604.35 on 29-Aug-2022.

Last one week high and low of the scrip stood at Rs. 2838.00 and Rs. 2491.00 respectively. The current market cap of the company is Rs. 21000.25 crore.

The promoters holding in the company stood at 53.91%, while Institutions and Non-Institutions held 28.19% and 17.91% respectively.

JB Chemicals & Pharmaceuticals has received approval for setting-up of a new wholly-owned step-down subsidiary in Philippines by the company’s wholly-owned subsidiary viz. Unique Pharmaceutical Laboratories, FZE, Dubai. The proposed entity shall carry on the business of sales and marketing of company’s pharmaceutical products in Philippines market. The Board of Directors of the company at its meeting held on August 9, 2023 has approved the same.

JB Chemicals & Pharmaceuticals is engaged in manufacturing of pharmaceutical specialties in various dosage forms, herbal remedies, diagnostics, generic drugs, active pharmaceutical ingredients (APIs).