Hikal announced that its pharmaceutical manufacturing facilty located at Panoli in Gujarat was recently inspected by US Food and Drug Administration (FDA).
The scrip surged 12.44% to end at Rs 114.30. It traded in the range of Rs 101.35 and Rs 119.80.
The company added that the five-day inspection was carried out during 9 to 13 September 2019. The inspection confirmed the site to be compliant with the principles and guidelines of current good manufacturing practice (CGMP) regulations.
The inspection ended with 'zero 483 observations' from the auditors and the company received Establishment Inspection Report (EIR) on 12 December 2019, classifying the facility under NAI (No Action Indicated) for Current Good Manufacturing Practices (CGMP) compliance. The announcement was made during market hours today, 12 December 2019.
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.
On the technical front, the stock's RSI (relative strength index) stood at 50.95. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading below its 50-day moving average (DMA) placed at Rs 122.01, as well as below its 200 DMA placed at Rs 152.35.
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