Hikal surges on tie-up with Bayer

DALAL STREET SPIKES

Hikal surged 7 per cent to Rs 400 on the BSE after the company said it has entered into a long-term contract with Bayer CropScience AG, Germany to manufacture and supply active ingredients for crop protection products.

Hikal has set up a state-of-the-art multi-purpose plant at Taloja in Maharashtra for this purpose. The stock touched an intra-day high of Rs 400 and low of Rs 371. Hikal's net profit rose 64.4 per cent to Rs 14.80 crore on 54.3 per cent growth in net sales to Rs 85.80 crore in Q3 December 2007 over Q3 December 2006.