India's JB Chemicals hits record high as Jefferies starts coverage with 'buy'

J B Chemicals and Pharmaceuticals

20/06/2023 07:58

** Shares of JB Chemicals and Pharmaceuticals  JBCH.NS  rise
as much as 4.30% to a record high of 2,447.75 rupees
    ** Global brokerage Jefferies initiates coverage on the
domestic drug maker with a "buy" recommendation
    ** Jefferies sets target price at 2,680 rupees, an implied
upside of 19%
    ** Synergistic acquisitions, new launches to aid JBCH to
outperform industry growth - Jefferies
    ** Estimates revenue CAGR (compound annual growth rate) of
13% to 23.7 bln rupees over FY2023-FY2026
    ** Trading volume is 185,834 shares at 12:18 p.m. IST, twice
the 30-day avg - Refinitiv data
    ** Relative strength index of JBCH has been above 70 since
June 19, suggesting that the stock may be overbought
    ** Of the 14 analysts tracking co, six maintain "strong
buy", six suggest "buy" and two recommend "hold"; median TP is
2,387.50 rupees - Refinitiv data
    ** Stock has gained over 24% in 2023 so far vs 5% rise in
pharma index  .NIPHARM 
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))