Hikal gains after US FDA OKs Gujarat facility

The announcement was made after market hours on Thursday, 25 April 2013.

Meanwhile, the BSE Sensex was down 72.83 points, or 0.38%, to 19,334.02.

On BSE, 3,909 shares were traded in the counter as against an average daily volume of 2,595 shares in the past one quarter.

The stock hit a high of Rs 420 and a low of Rs 405.50 so far during the day. The stock had hit a 52-week high of Rs 517.85 on 31 December 2012. The stock had hit a 52-week low of Rs 263.25 on 5 June 2012.

The stock had outperformed the market over the past one month till 25 April 2013, rising 6.35% compared with the Sensex's 3.88% rise. The scrip had, however, underperformed the market in past one quarter, sliding 8.35% as against Sensex's 3.47% fall.

The small-cap company has an equity capital of Rs 16.44 crore. Face value per share is Rs 10.

Hikal announced that its second manufacturing facility located at Panoli in Bharuch, Gujarat, which makes pharmaceutical ingredients, intemediates and regulated starting materials, successfully completed a US Food and Drug Administration (US FDA) audit and received the approval.

The company has already received US FDA approval for its pharmaceutical intermediates and active pharma ingredients (API) manufacturing site located in Bengaluru, Karnataka.

The company said that this additional site approval will further add to capacities, which is beneficial to its customers. It will mitigate the risk of supply by having two sites certified by the US FDA. Both the sites have multipurpose facilities and capabilities which support company's global customers. The pharmaceutical division is supported by two research and development (R&D) centres based in Bengaluru and Pune, where they provide early stage research services, new product development all the way to successful commercialisation.

Net profit of Hikal declined 30.75% to Rs 9.03 crore on 17.55% fall in sales to Rs 152.92 crore in Q3 December 2012 over Q3 December 2011.

Hikal provides active ingredients, intermediates, R&D services and solutions to companies in the pharmaceuticals, biotech, agrochemicals and specialty chemicals industries.

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