Hikal hits 52-week high after Ashish Kacholia buys 1.6% stake

Shares of Hikal hit a 52-week high of Rs 192, up 4% on Tuesday, extending its previous day’s 15% surged on the National Stock Exchange (NSE), after investor Ashish Kacholia bought nearly 2% stake in the pharmaceutical company via open market.

On Monday, September 3, 2018, Ashish Kacholia purchased two million shares, or 1.6% of the Hikal’s equity at price of Rs 166.50 through bulk deal, the NSE data shows. The investor bought these shares for total consideration of Rs 333 million.

Himalaya Finance & Investment Company had bought 1.78 million shares at Rs 166.50 per share.

International Finance Corporation offloaded 3.98 million shares representing 3.2% of total equity of Hikal via bulk deal, data shows. CLICK HERE FOR BULK DEALS DATA

As of June 30, 2018, International Finance Corporation held 6.61 million or 5.37% stake in Hikal, the shareholding pattern data shows.

The stock of Hikal has outperformed the market by surging 33% in past four trading sessions, as compared to 1.3% decline in the Nifty 50 index.

At 09:30 am; the stock was trading 2% higher at Rs 189 on the NSE, against 0.31% decline in the benchmark index. A combined 1.49 million equity shares changed hands on the counter on the NSE and BSE so far.