India's J B Chemicals hits record high after brokerages pick co as Q1 growth leader

J B Chemicals and Pharmaceuticals

12/07/2023 09:07

** Shares of J B Chemicals and Pharmaceuticals Ltd  JBCH.NS 
up as much as 13.2% to record high of 2,773.95 rupees
    ** Stock on track to rise for third straight session
    ** Kotak Institutional Equities and IIFL Securities identify
JBCH as one of the cos to lead India growth momentum in Q1FY24
    ** JBCH likely to continue outperforming industry growth in
Q1 led by robust growth in chronic therapies; to post 10%-12%
Y/Y organic growth in India business - IIFL Securities
    ** Despite short-term impact of delayed monsoons, domestic
pharma market growth resilient; expect India formulations
revenue to clock over 11% CAGR over FY23-26 - brokerages
    ** Over 737,000 shares change hands by 01:06 p.m. IST, 9.5x
the 30-day moving avg
    ** 12 analysts have a "buy" or "strong buy" rating, two rate
it "hold"; median PT is 2,387.50 rupees - Refinitiv data
    ** As of last close, stock up 26% this year


 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))