Hikal surged 2.63% to Rs 383.80 at 12:58 IST on BSE after the company said it has entered into a long term contract with Bayer CropScience AG, Germany for manufacture and supply of active ingredients for crop protection products.
The company made this announcement during trading hours today, 5 March 2008.
Meanwhile, BSE Sensex was up 75.88 points or 0.46% to 16,415.77, as expectations of a US interest rate cut strengthened.
On BSE, 4 shares were traded in the counter. The scrip had an average daily volume of 8,908 shares in the past one quarter.
The stock hit a high of Rs 383.80 and a low of Rs 371.10 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 small-cap scrip had outperformed the market over the past one month till 4 March 2008, declining 5.80% compared to the Sensex’s fall of 12.44%. It had also outperformed the market in the past one quarter, declining 10.06% compared to Sensex’s decline of 17.22%.
The company’s current equity is Rs 15.08 crore. Face value per share is Rs 10.
The current price of Rs 383.80 discounts Q3 December 2007 annualized EPS of Rs 39.21 by a PE multiple of 9.79.
Bayer CropScience AG is a subsidiary of Bayer AG, Germany is one of the world's leading innovative crop science companies in the areas of crop protection, non-agricultural pest control, seeds and plant biotechnology.
Hikal has set up a new state-of-the-art multi purpose plant at Taloja, district Raigad, Maharashtra to manufacture these 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.
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