Hikal jumped 4.94% to Rs 223.95 at 9:25 IST on BSE after the company concluded the process of sale of its land on which its former R&D centre was situated in Bengaluru, admeasuring 1.52 acres.
The announcement was made after market hours yesterday, 3 January 2017.Meanwhile, the BSE Sensex was up 52.90 points, or 0.11%, to 26,673.11.
On the BSE, 8,980 shares were traded in the counter so far, compared with an average volume of 12,568 shares in the past one quarter. The stock had hit a high of Rs 227.40 and a low of Rs 222 so far during the day.
Hikal said that the proceeds of the sale will be used towards the current operations of the company. The company had consolidated its research & development (R&D) operations at its main site in Pune in 2014 and had transferred all respective equipment and personnel to that site.
The Bengaluru property was lying vacant and had no ongoing operations for close to two years.
Hikal's net profit jumped 216.2% to Rs 15.24 crore on 13.9% rise in net sales to Rs 232.31 crore in Q2 September 2016 over Q2 September 2015.
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Hikal is engaged in research and development (R&D), manufacturing and marketing of fine chemicals for the pharmaceutical and agrochemical industries.
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