Hikal shares surge on zero observations by US FDA for Gujarat unit

Hikal sees sharp rise after the company says US FDA audit showed zero observations for Gujarat unit.

Pharma company Hikal on Monday morning rose more than 5 percent from lows after announcing that US Food and Drug Administration (US FDA) inspection at Panoli, Gujarat Unit was concluded with 'Zero 483 observations’.

The unit was regulated for five days from May 8th - 12th, 2023. Speaking about the update from US regulator, Hikal Managing Director Sameer Hiremath said, "As an organization we continue to maintain an excellent track record with global regulatory agencies. This latest audit re-emphasizes our commitment towards maintaining the best in class quality, compliance and regulatory standards across our manufacturing sites". This was the third inspection at Hikal’s Panoli unit as according the company, it was audited twice in the past and now it has been successfully approved for manufacturing advanced intermediates and key starting materials.