Ace investor Rakesh Jhunjhunwala has raised his stake in the pharmaceutical company Jubilant Pharmova. According to the latest shareholding pattern, the billionaire investor, as of Mar 31, 2022, holds 57.5 lakh equity shares of the Jubilant Group firm, or a 3.61 per cent stake in the company, compared to 50 lakh shares or 3.14 per cent stake held by the investor, as of Dec 31, 2021. This indicates that Jhunjhunwala has picked 7.5 lakh additional shares of the company in the final quarter of FY22.
Meanwhile, Jhunjhunwala’s wife Rekha Jhunjhunwala continued holding her stake of 3.15 per cent in the company or 50.2 lakh shares in the March-ending quarter. She held the same in the December 2021 quarter too.
However, holdings of promoters of the firm remained unchanged at 50.68 per cent at the end of the March quarter compared to the December quarter of the last fiscal.
Meanwhile, Jubilant Pharmova shares have gained after two days of fall. The stock touched an intraday high of Rs 482.35, rising 4.55 per cent against the previous close of Rs 461.35 on BSE. The pharma stock trades higher than five-day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
The stock has lost 38.43 per cent in one year and fallen 19.14 per cent in 2022. At 2:07 pm, the share was trading 2.83 per cent higher at Rs 475.35 on BSE. Total 9,716 shares of the firm changed hands amounting to a turnover of Rs 46.15 lakh on BSE.
The market cap of the firm rose to Rs 7,524.44 crore on BSE. The stock hit a 52-week high of Rs 925 on May 27, 2021 and a 52-week low of Rs 384.85 on March 31, 2022.
Jubilant Pharmova, in the upcoming quarterly results, is expected to post a sharp decline in revenue from covid products against a year-ago period, said analysts at Nirmal Bang. “The CDMO business may also subside as a large part of the order book for Covid drugs has been executed. The Radiopharma business is also expected to deliver a muted performance as the business is yet to recover from Covid. The adverse impact from the restricted import alert on its Roorkee formulations facility should result in a decline in generic sales,” they added. Generics and specialty pharma businesses may see some growth sequentially.
Similarly, Motilal Oswal analysts have predicted a close to 22 per cent drop in revenues on-year due to a decline across businesses. Analysts said they have an eye out for outlook on expansion plans for Ruby-fill, Radiopharmacy business turnaround, and prices of KSMs imported from China.
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