Hikal gains after block deal

Hikal gained 2.57% to Rs 395 at 11:25 on BSE after a block deal of 3.5 lakh shares or 2.3% of the company's equity capital changed hands in a block deal on the NSE, at Rs 400 a share.

Meanwhile, BSE Sensex was up 100.38 points or 0.63% to 16,024.08.

On BSE, 31 shares were traded in the counter. The scrip had an average daily volume of 8,651 shares in the past one quarter.

The stock hit a high of Rs 395 and a low of Rs 382 so far during the day. The stock had a 52-week high of Rs 588 on 19 July 2007 and a 52-week low of Rs 331 on 28 March 2007.

The company’s current equity is Rs 15.08 crore. Face value per share is Rs 10.

The current price of Rs 395 discounts Q3 December 2007 annualized EPS of Rs 39.21 by a PE multiple of 10.07.

On 5 March 2008, Hikal entered into a long-term contract with Bayer CropScience AG, Germany for manufacture and supply of active ingredients for crop protection products.

Hikal’s net profit rose 64.4% to Rs 14.80 crore on 54.3% growth in net sales to Rs 85.80 crore in Q3 December 2007 over Q3 December 2006.

The company produces intermediates for dyes, pharmaceuticals and agrochemicals. The group operates in two segments, crop protection and pharmaceuticals. Its products are quinalphos, thiabendazole and other pesticide formulations. The group has its plants in Mahad, Taloja, Panoli, Dombivli and Bangalore.