Jubilant Ingrevia's 'midas' touch

Jubilant Ingrevia is a major newsmaker today. The stock, which had closed yesterday at Rs.284.80, opened itself today at a new high of Rs.299 and also its 5% UC of the day where it remains frozen.

The stock, a new one, got listed on the bourses on 19th March. This is the demerged pharma and lifesciences entity of Jubilant Lifesciences, which is now renamed itself as Jubilant Pharmova.

Rakesh Jhunjhunwala holds a 5.82% stake in Jubilant Pharmova and in this scheme of demerger, he received a 6.04% stake or 96.30 lakh shares in Jubilant Ingrevia. The day it got listed, 19th March, he is said to have bought over 3 lakh more shares in the company, increasing his total stake to 6.23%.

For the markets, anything which Jhujhunwala buys is big news and the stock price spurts in tandem.