Rakesh Jhunjhunwala increases his stake in this pharmaceutical stock even as it sees a drop of 38% in one year

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Ace investor Rakesh Jhunjhunwala has increased his stake in pharmaceutical company Jubilant Pharmova. According to the latest shareholding scheme, the billionaire investor, as of March 31, 2022, owns 57.5 lakh shares in the Jubilant Group company, representing a 3.61% stake in the company, compared to 50 lakh shares or 3 .14% stake held by the investor, as of December 31, 2021. This indicates that Jhunjhunwala picked an additional 7.5 lakh shares of the company in the last quarter of FY22.

Meanwhile, Jhunjhunwala’s wife, Rekha Jhunjhunwala, continued to hold her 3.15% stake in the company or 50.2 lakh shares during the end of March quarter. She also held the same in the December 2021 quarter.

However, the company’s sponsor holdings remained unchanged at 50.68% at the end of the March quarter compared to the December quarter last year.

Meanwhile, shares of Jubilant Pharmova gained after two days of decline. The stock hit an intraday high of Rs 482.35, up 4.55% from the previous close of Rs 461.35 on BSE. Pharmaceutical stocks are trading above the five-day, 20-day and 50-day moving averages, but below the 100-day and 200-day moving averages.

The stock lost 38.43% in one year and fell 19.14% in 2022. As of 2:07 p.m., the stock was trading 2.83% higher at Rs 475.35 on BSE. A total of 9,716 shares in the company changed hands, representing a turnover of Rs 46.15 lakh on BSE.

The company’s market cap rose to Rs 7,524.44 crore on BSE. The stock hit a 52-week high at Rs 925 on May 27, 2021 and a 52-week low at Rs 384.85 on March 31, 2022.

Jubilant Pharmova in upcoming quarterly results is expected to show a sharp decline in covid product revenue from a year ago, Nirmal Bang analysts said. “The CDMO business could also weaken as much of the Covid drug backlog has been executed. The Radiopharma business should also provide a muted performance as the business has yet to recover from Covid. The negative impact of the restricted import alert on its Roorkee formulations plant is expected to lead to lower generic sales,” they added.Generic and specialty pharmaceutical companies could experience sequential growth.

Similarly, analysts at Motilal Oswal predicted an almost 22% drop in year-on-year revenue due to a decline across all businesses. Analysts said they were watching the outlook for Ruby-fill’s expansion plans, the recovery of radiopharmacy business and the prices of KSMs imported from China.

Disclaimer: The views and investment advice of the experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before making any investment decision.

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