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Hikal gains after unit gets EIR from US drug regulator

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Hikal rose 3.15% to Rs 124.25 after the company said it received establishment inspection report from US drug regulator for active pharmaceutical ingredient unit in Bangalore.

Hikal has received the establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) for its active pharmaceutical ingredient (API) unit located at Jigani in Bangalore for the inspection conducted in July 2019. The inspection resulted in one minor FDA Form 483 which was closed out immediately.

The stock rallied as much as 9.51% to hit an intraday high of Rs 131.90. The stock has hit a low of Rs 116.50 so far during the day.

On the BSE, 1.13 lakh shares were traded in the counter so far compared with average daily volumes of 70,958 shares in the past two weeks.

Hikal reported 73.9% decline in consolidated net profit to Rs 6.37 crore on a 23.3% fall in net sales to Rs 298.26 crore in Q2 September 2019 over Q2 September 2018.

Hikal offers solutions across the life sciences value chain. The firm provides active ingredients, intermediates and R&D services to global pharmaceuticals, animal health, biotech, crop protection and specialty chemicals companies.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 04 2019. 12:09 IST