Jubilant Life in good health
Jubilant Life Sciences had breached the upper circuit yesterday at Rs.137 and today too, the stock is showing a lot of upward momentum. With volumes already up almost 2 times, the stock remains in the green, up 3% at Rs.141, with an intra day high at Rs.147.50.
The stock is up on the back of news that its wholly owned subsidiary, Jubilant First Trust Healthcare, has sold off its hospital business to Narayana Health on a going concern basis as a slump sale. The financial details of the sale are not yet known but this move will surely help the company focus on its core activities.
This news apart, there was one more positive news from Jubilant. Its facility in Montreal, Canada, which had got a warning letter from the US FDA in Feb’13 and since then been resolved and on 28th Feb’14, it got a clean chit after a re-inspection in Sept’13.