Meanwhile, the S&P BSE Sensex was up 175.39 points or 0.71% at 24,857.42.

High volumes were traded on the counter. On BSE, so far 84,009 shares were traded in the counter as against average daily volume of 44,215 shares in the past one quarter. The stock hit a high of Rs 278.30 and low of Rs 240.05 so far during the day.

JB Chemicals & Pharmaceuticals said that National Green Tribunal (west zone) vide its order dated 8 January 2016 termed the environmental clearance granted by the Ministry of Environment & Forest, Government of India to the plant as illegal and directed the government of India to revoke within one month the environment clearance granted to the company's bulk drugs plant at Panoli. National Green Tribunal gave its judgement pursuant to the challenge to the environment clearance registered by Paryavaran Suraksha Samiti, Vadodara and Peoples Union for Civil Liberties, Ankleshwar.

JB Chemicals said the plant was operating with a valid environmental clearance. The company plans to immediately appeal the order in the Supreme Court and is confident that the Supreme Court will grant relief to the company in light of various technical and factual aspects involved in the matter. During 2014-15, the total sales of bulk drugs manufactured at the plant amounted to Rs 104 crore. Besides, the company also uses active pharmaceutical ingredients (APIs) manufactured at the plant for captive consumption.

Established in 1976, JB Chemicals & Pharmaceuticals is one of India's fastest growing pharmaceutical companies.