Hikal sells property at raise funds for business operations

The small-cap pharmaceutical company recently concluded the process of sale of its 1.52 acres Bangalore land. The land situated at Kalena Agrahara Village, Begur, Hobli, Bangalore was being used as an R&D centre.

Jan 03, 2017 12:01 IST India Infoline News Service

Hikal Ltd, a small-cap pharmaceutical company recently concluded the process of sale of its 1.52 acres Bangalore land.

The land situated at Kalena Agrahara Village, Begur, Hobli, Bangalore was being used as an R&D centre. The sale proceeds will be used for company’s operations.
 
Earlier in 2014 company had consolidated R&D operations at its fully equipped Pune site.

Thereby, the Bangalore land was lying vacant with no productive operations since 2014.

Company was successful in delivering semi-commercial and commercial products in R&D facility at Pune and is looking forward to launch animal health products at the said facility.
 
The stock of Hikal Limited is trading above its 100 and 200 DMA and has fared well, outperforming the Healthcare index that tumbled badly by nearly 13% at the end of December from its previous year’s closing.

Hikal manufactures chemical intermediaries, specialty chemicals, APIs, and also engages in contract research activities.

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