Jubilant Life Sciences up 6%, hits fresh 52-week high on Rs 860 crore funding from IFC

NEW DELHI: Jubilant Life Sciences Ltd surged as much as 5.9 per cent in trade on Tuesday to hit its fresh 52-week high of Rs 197.05, after the company said that its subsidiary, Jubilant Pharma will receive $147.5 million (over Rs 860 crore) funding from IFC, a member of the World Bank Group, to strengthen its generic drug manufacturing facilities.

At 09:45 a.m.; Jubilant Life Sciences was trading 4.4 per cent higher at Rs 194.35. It hit a low of Rs 189.85 and a 52-week high of Rs 197.05 in trade today.

Jubilant Pharma, a wholly-owned subsidiary of Jubilant Life Sciences, is incorporated in Singapore, with manufacturing operations in India, the US, and Canada.

"IFC, a member of the World Bank Group, is lending $147.5 million to Jubilant Pharma Ltd to enable better access to quality and affordable pharmaceuticals in undeserved markets in India and across the world," Jubilant Life Sciences said in a statement

The loan will help Jubilant Life Sciences increase focus on the pharmaceutical sector and strengthen its generic drug manufacturing facilities in India, it added.