Hikal tumbles after MPCB issue closure notice to Taloja unit

17 Feb 2022 , 10:33 AM

On the BSE, 1.01 lakh shares were traded in the counter so far compared with average daily volumes of 19,891 shares in the past two weeks.

The closure notice has been issued in view of certain alleged non-compliances of the conditional consent to operate and the recent Surat issue.

The Taloja unit had contributed approx. Rs 260 crore amounting to around 15% of the turnover of the company for financial year 2020-21.

The company is taking appropriate legal measures as advised by counsels before the Pollution Board as well as Courts to remedy the situation and seek reliefs against the closure notice.

Hikal is engaged in the manufacturing of various chemical intermediates, specialty chemicals, active pharmaceutical ingredients (APIs) and contract research activities.

The companys consolidated net profit rose 12.21% to Rs 45.20 crore on a 9.66% increase in sales to Rs 506.62 crore in Q3 FY22 over Q3 FY21.

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