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Hikal share price locked at 10% upper circuit on multi product deal with global pharma

With this deal, Hikal is entering into a niche area of chemistry and products thereby bolstering its Animal Health vertical.

May 05, 2021 / 09:58 AM IST
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Hikal share price touched a 52-week high of Rs 313.65 and locked at 10 percent upper circuit on May 5 after the company signed a 10-year multi product deal with a global pharmaceutical company.

There were pending buy orders of 25,475 shares, with no sellers available.

" .... signed a multi-year contract with a leading global pharmaceutical company. This contract entails the development and supply of a portfolio of niche APIs over a period of 10 years," the company said in the release.

The development will start this year and commercial supplies will commence post successful development and plant commercialisation estimated to be in FY 2024 onwards.

With this deal, Hikal is entering into a niche area of chemistry and products thereby bolstering its Animal Health vertical.

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Hikal and its customer will be jointly investing at its Panoli, Gujarat site to set up a multipurpose manufacturing asset for the manufacturing of these APIs.

“We are very excited to be working with one of the leading global innovator pharmaceutical companies who have entrusted us to supply them with a strategic portfolio of APIs," said Sameer Hiremath, CEO, Hikal.

At 09:32 hrs, Hikal was quoting at Rs 313.65, up Rs 28.50, or 9.99 percent on the BSE.
Moneycontrol News
first published: May 5, 2021 09:58 am

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