homemarket Newsstocks NewsHikal shares hit 10% upper circuit after co signs contract with leading global pharma firm
Hikal shares hit 10% upper circuit after co signs contract with leading global pharma firm
Shares of Hikal were locked in the 10 percent upper circuit of Rs 313,65 per share after the company signed a multi-year contract with a leading global pharmaceutical company.
Shares of Hikal were locked in the 10 percent upper circuit of Rs 313,65 per share after the company signed a multi-year contract with a leading global pharmaceutical company.
“This contract entails the development and supply of a portfolio of niche APIs (Active Pharmaceutical Ingredient) over a period of 10 years. The development will start this year and commercial supplies will commence post successful development and plant commercialisation estimated to be in FY2024 onwards,” Hikal said in a BSE filing.
With this deal, Hikal is entering into a niche area of chemistry and products thereby bolstering its Animal Health vertical. Hikal and its customer will be jointly investing at its Panoli, Gujarat site to set up a multipurpose manufacturing asset for manufacturing of these APIs, it added.
Commenting on this development, Sameer Hiremath, CEO, Hikal said, “ Hikal and our customer will be partnering in setting up a manufacturing facility to maintain the security of supplies for the next ten years. We are seeing multiple opportunities from several new and existing customers who are looking to diversify and de-risk their existing supply chain."
Hikal is a reliable long-term partner to companies in the pharmaceuticals, crop protection, and specialty chemicals industry. The company is in the business of supplying research services, active ingredients and intermediates, manufactured using stringent global quality standards, for its global customers.
In the past one month, the stock has zoomed 97 percent, as compared to 3 percent decline in the S&P BSE Sensex.
First Published: May 5, 2021 11:41 AM IST
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