Jubilant Ingrevia zooms 6% on bagging Rs 270 crore specialty chemicals contract

NEW DELHI – Shares of Jubilant Ingrevia jumped 6.1 per cent in early trade on Monday as the drug marker received a CDMO (contract development and manufacturing company) contract worth Rs 270 crore in specialty chemicals business from an international customer for a period of three years.

The company will supply two key GMP (good manufacturing practice) intermediates for one of the 'patented drugs' of the innovator pharmaceutical customer.

Jubilant Ingrevia’s scrip rose to a high of Rs 522 as against Rs 492 at previous close on the BSE.

Through the contract the company will supply two key GMP intermediates for one of the 'patented drugs' of the Innovator Pharmaceutical customer, reports said, adding that both the products involve 7 steps specialised chemistry.

Commercial supplies of both these products will start from the current financial year and the firm will use the GMP facility to service this contract, reports said.

"The pursuit of growth is one of the key features of our strategy. Today's announcement is in line with our strategy & commitment to grow our CDMO business of value-added GMP & Non GMP intermediates,” Rajesh Srivastava, CEO & Managing Director, Jubilant Ingrevia Limited was quoted as saying in reports.

Jubilant Ingrevia offers over 165 products & innovative solutions using more than 35 key chemistry and technology platforms across its three portfolio of businesses - Acetyls, Pyridines and Vitamins & Premixes.