JB Chemicals dips on closure of Daman facility

JB Chemicals & Pharmaceuticals Limited (JBCPL) has received an order dated April 18, 2018, from the Pollution Control Committee regarding the closure of the company’s formulation manufacturing plant at Daman. As per the committee, it has observed deviation of standards of treated waste water released from ETP outlet of this facility. 

However, the company has not agreed with the observations and analytical results made by the authority. According to the company, the said facility had received all NOCs and required consents under the applicable environmental laws and is operational within the guidelines mentioned in the legal framework. Post this order, it is taking all necessary steps to resume operations and abide by the standards prescribed by the committee. 

In FY17, company’s total revenue stood at Rs. 1,174.66 crores. For FY18, company has stated that the total sales of formulations manufactured at the said facility has been Rs. 223 crores. 

JBCPL is a pharmaceutical company in India, headquartered in Mumbai. It manufactures innovative speciality products including pharmaceutical dosage forms like tablets, injectables, creams & ointments, herbal liquids and capsules. 

On Thursday, JBCPL's stock had closed at Rs. 320.10. On Friday, it opened at Rs. 309.45 per share and later dipped by ~6.8 percent and made intra-day low of Rs. 298.20. On Friday, it has closed at Rs. 313.25.