Hikal rallies more as Ashish Kacholia ups stake

Shares of Hikal extended their rally for the fourth straight session on Tuesday after noted investor Ashish Kacholia bought 20 lakh shares of the pharmaceutical firm.

On Monday, Kacholia picked up the shares at Rs 166.5 per share, bulk deal data on the NSE showed.

After rallying over 28 per cent over the past three sessions, the scrip advanced as much as 3.86 per cent to Rs 192.40 early on the NSE.


The data also showed that International Finance Corportation (IFC) sold 39.82 lakh shares at Rs 166.5 per share. According to the BSE shareholding data, IFC held 5.4 per cent stake in the company at the end of June.

For the quarter to June, the company reported a net profit of Rs 15.93 crore, up 19.59 per cent, against Rs 13.32 crore in the same quarter last year. Total income increased to Rs 326.97 crore in Q1 of FY19, from Rs 268.28 crore in Q1 of FY18.