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Hikal share price rises over 9% after it receives establishment inspection report for Bengaluru unit

Hikal share price gained up to 9.51% to Rs 131.90 compared to the previous close of Rs 120.45 on BSE

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Hikal share price rises over 9% after it receives establishment inspection report for Bengaluru unit
Hikal stock has gained 5% in last 2 days. It has lost 20% during last one year and fallen 20.81% since the beginning of this year

Hikal Ltd share price rose over 9% today after the firm said it received an establishment inspection report (EIR) from the US Food and Drug Administration (US FDA) for its API Unit located at Jigani, Bangalore. Hikal share price gained up to 9.51% to Rs 131.90 compared to the previous close of Rs 120.45 on BSE. The small cap stock has gained 5% in last 2 days. It has lost 20% during last one year and fallen 20.81% since the beginning of this year.

The inspection which was conducted in July 2019 led to one minor FDA Form 483 which was closed out immediately, the chemical firm said.   The firm reported a consolidated net profit of Rs 6.37 crore for the second quarter ended September 2019.

The company, which is into pharma and crop protection business, had reported a net profit of Rs 24.43 crore in July-September quarter a year ago. Total income fell marginally to Rs 321.87 crore during the quarter under review compared to Rs 395.15 crore in the corresponding quarter last year.

Its company's total expenses stood at Rs 296.78 crore. Hikal's revenue from pharmaceuticals was at Rs 208.22 crore during the quarter as against Rs 250.92 crore a year ago.

Revenue from crop protection products was at Rs 112.83 crore as against Rs 143.92 crore in the year-ago period.

Hikal is engaged in the manufacturing of various chemical intermediates, specialty chemicals, active pharmaceutical ingredients (APIs) and contract research activities. The company offers pharmaceuticals and agrochemicals. Its segments include crop protection and pharmaceuticals.

By Aseem Thapliyal

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