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Hikal Shares Jump 10 % After Signing 10-Year Deal With Global Pharma Company

The stock zoomed 9.99 per cent to close at Rs 313.65 on the BSE -- its one-year high and also upper circuit.

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Shares of life sciences firm Hikal Ltd on Wednesday jumped 10 per cent after the company said it has signed a 10-year deal with a global pharmaceutical company for the development and supply of a portfolio of niche Active Pharmaceutical Ingredients (APIs).

The stock zoomed 9.99 per cent to close at Rs 313.65 on the BSE -- its one-year high and also upper circuit.

On the NSE, it gained 9.98 per cent to close at Rs 313.95.

The company has signed a multi-year contract with a leading global pharmaceutical company. This contract entails the development and supply of a portfolio of niche APIs over a period of 10 years, Hikal said in a regulatory filing.

The company did not reveal the name of the global pharmaceutical firm and the value of the deal.

Hikal said the company and its customer will partner to set up a manufacturing facility to maintain the security of supplies for the next 10 years.

Both the companies will jointly invest at its Panoli site in Gujarat to set up a multi-purpose manufacturing asset for the manufacturing of these APIs.

(PTI)


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Hikal shares Global Pharma Company