Jubilant Ingrevia share price at an all-time high, hit upper circuit as Rakesh Jhunjhunwala raises stake

Shares of Jubilant Ingrevia hit 5 percent upper circuit and also their all-time high of Rs 299 in intraday trade on BSE on March 23.

The stock rose after Ace investor Rakesh Jhunjhunwala said persons acting in his concert have purchased 3,04,009 equity shares in Jubilant Ingrevia on March 19, resulting in an increase in total shareholding in the company to 99,33,809 equity shares (6.23 percent of total paid-up equity).

On February 15, Rakesh Jhunjhunwala received 96,29,800 equity shares of Jubilant Ingrevia (6.04 percent stake) in allotment consequent to the composite scheme of arrangement of Jubilant Pharmova (formerly known as Jubilant Life Sciences).

In terms of technicals, the current rating by Moneycontrol on the stock is 'neutral'. The important support levels for the stock are placed at Rs 251.70-234.70, while resistance is placed at Rs 277.20-285.70.