Jubilant Pharmova shares decline over 4% after ₹120 crore block deal; check details

According to reports, as many as 14.05 crore shares of the company changed hands at ₹851.4 apiece through open market transactions on Monday – the same price at which the stock closed in the previous session on Friday. This translated into a deal size of ₹119.6 crore.

There was no immediate information available on the buyers and sellers of the deal.

After the deal, Jubilant Pharmova shares dropped as much as 4.4% to hit an intraday low of ₹813.55 apiece amid a broader selloff in the market. The benchmark Nifty index was also trading down nearly 3% at around 24,000 levels close to the noon session on Monday.

Despite Monday's fall, Jubilant Pharmova’s shares have been up around 15% in the past five trading sessions. Over the past year, the stock has rallied over 113%.

Last month, Jubilant Pharmova reported a multi-fold jump in its consolidated net profit to ₹481.8 crore for the quarter ended June 2024 (Q1FY25). The surge in profit was on the back of the sale on investment in its associate firm, SOFIE Biosciences Inc USA.

Consolidated total revenue from operations stood at ₹1,731.7 crore during the June quarter, compared to ₹1,586.9 crore in the year-ago period.

Before that, the company was also in the news for having received 15 observations from the United States Food and Drug Administration (USFDA) for its Montreal facility in Canada.

Jubilant Pharmova manufactures and supplies radiopharmaceuticals. It has a network of 46 radiopharmacies in the US and deals in allergy immunotherapy, contract manufacturing of sterile injectables and non-sterile products, and solid dosage formulations through its multiple manufacturing facilities.

Jubilant Pharmova shares are trading 0.65% lower at ₹845.35 apiece on the NSE at 1:14 pm.