This Rakesh Jhunjhunwala stock climbed 4% today. Here's why

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NEW DELHI: Shares of Jubilant Ingrevia, ace investor Rakesh Jhunjhunwala’s sixth largest stock holding, climbed 4 per cent in Thursday’s trade after the company said its subsidiary Jubilant Life Sciences International Pte has divested its entire 10 per cent stake in Safe Foods Corporation for a consideration of $18.2 million or around Rs 134.2 crore.

In a filing to BSE post Wednesday’s trading hours, the firm said: “The current book value of Safe Foods Investment, reflected at fair value through other comprehensive income, is $6.5 million or approx Rs 47.80 crore.”

The scrip rose 3.86 per cent to hit a high of Rs 789.50 on BSE.

The ‘Big Bull’ and his better half Rekha Jhunjhunwala together owned 6.29 per cent stake in Jubilant Ingrevia as of June 30. The stake was valued roughly at Rs 762 crore as of Wednesday’s close.

Not many brokerages track this stock. HDFC Securities has on September 14 recommended a positional buy on this stock for an up to 3-month time period with a target price of Rs 858-Rs 950. It has advised a stop loss at Rs 690.

Jubilant Ingrevia is an integrated life science products and solution provider. It offers a broad portfolio of life science ingredients that finds application in pharmaceutical, nutrition, agrochemical, consumer and industrial segments.

The company derived 35 per cent of FY21 revenues from pharma segment, 23 per cent from industrial, 21 per cent from nutrition, 18 per cent from agro and 5 per cent from consumer segment. About 46 per cent of its domestic sales in FY21 were for domestic consumption and another 15 per cent domestic sales for international consumption. It derived 19 revenues from America, 5 per cent from Europe and 16 per cent from the rest of the world.

For June quarter, PAT of this company grew 220 per cent to Rs 168 crore from Rs 53 crore YoY, partially driven by reduction in finance cost by Rs 15 crore through Rs 706 crore reduction in average debt and fall in interest rate by 0.75 per cent.

Revenue for the quarter rose 55 per cent on a YoY basis to Rs 1,145 crore from Rs 737 crore. Speciality chemicals revenue was up 18 per cent YoY, nutrition and health solutions revenue rose 13 per cent YoY while life sciences chemical revenue more than doubled.

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