The share price of Jubilant Life Sciences, a global pharmaceutical and life sciences company, gained over 7% intraday on Thursday's trade as China announced the termination of its six-year-long anti-dumping measures on pyridine imports from India and Japan.
Following the announcement, Jubilant Life Sciences' share price opened with a gain of 5.98% at Rs 534, against the last closing price of Rs 503.85. Later the stock price rallied 7.32% intraday to the day's high of Rs 540.75 on the BSE. The share value of Jubilant Life Sciences has rallied 7.3% in the last 4 sessions of straight gains. The stock, however, has eroded 25% value year-to-date. Jubilant Life Sciences' stock price currently trades higher than 5, 50 and 100-day moving averages but lower than 20 and 200-day moving averages.
Volume-wise, 0.32 lakh and 5.75 lakh shares changed hands on BSE and NSE. Market depth data on BSE suggests53% buying against 47% selling on the current stock value.
According to the press release by the company, Ministry of Commerce (MOFCOM), People's Republic of China announced that starting Thursday, the anti-dumping duties on pyridine imports from the two countries will be withdrawn.
Earlier on November 21, 2013, China had imposed five-year anti-dumping tariffs on Indian and Japanese imports, in a step to ensure fair trade practices for domestic producers with regard to foreign producers and exporters.
Pyridine is an organic compound used as an important raw material and solvent in the production of pesticides, drugs, animal feed, food additives and other chemicals.