Rakesh Jhunjhunwala buys Jubilant Pharmava shares: Rakesh Jhunjhunwala buys 25 lakh shares of Jubilant Pharmava: Rakesh Jhunjhunwala buys 25 lakh shares of Jubilant Pharma Company Jubilant Pharmava
Shares of Jubilant Pharmavo jump first, then fall
Shares of the company jumped more than 4 per cent in early trade on Thursday on the back of Rakesh Jhunjhunwala’s investment. Shares of the midcap company touched close to Rs 633 on the BSE, but the downward trend started at Rs 610, which is lower than the previous session’s closing price. Earlier, however, the stock had been seeing spectacular growth for several days.
Why did Jhunjhunwala buy this share?
Rakesh Jhunjhunwala finds the right opportunity to invest in any stock and this can also be a big reason to choose this stock. On February 8 this year, the stock hit a 52-week high of Rs 981.90, while on August 24, the stock touched a low of Rs 584.95. The market cap of the company is now around Rs 10,000 crore.
Jhunjhunwala has a 6.29% stake
According to bulk deal data, Rakesh Jhunjhunwala has bought 25 lakh shares of Jubilant Pharmava for Rs 594.35, while his wife Rekha Jhunjhunwala has bought 20 lakh shares for the same price. In addition, his firm Rare Enterprises has sold 40.25 lakh equity shares at the same price. The pharma company has reported a consolidated net profit of Rs 160.49 crore for the June quarter of the current financial year. The company had posted a net profit of Rs 35.39 crore a year ago.
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