India's Hikal jumps 8% as court clears reopening of Taloja unit

Hikal

27/06/2022 08:49

** Shares of active pharma, specialty chemicals maker Hikal
 HIKA.NS  rise as much as 8.63% to 272 rupees, their highest
since June 10
    ** Co says Bombay High Court had ordered Maharashtra
Pollution Control Board to allow manufacturing activities at its
unit in Taloja  urn:newsml:reuters.com:*:nFWN2YC0QE
    ** The plant was shut in May after co received an order from
Maharashtra Pollution Control Board (MPCB) over certain alleged
non-compliances  
    ** Hikal performed maintenance at Taloja plant to minimise
the impact of the shutdown in May
    ** Taloja unit had contributed about 2.60 bln rupees,
amounting to around 15% of the turnover, for FY 2020-21 
    ** Hikal shares have fallen more than 30% since the MPCB
order in February
    ** About 2.3 mln shares change hands vs 30-DMA of 475,289

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))