Stocks

Hikal resumes production at Taloja, Mahad sites

| Updated on October 29, 2019 Published on October 29, 2019

Hikal has resumed normal production post the 100 per cent restoration of water by MIDC (Maharashtra Industrial Development Corporation). MIDC had cut 50 per cent of the water supply last quarter, which severely affected the operations in Q2 of FY-20, resulting in lower production and sales, Hikal said in a notice to the stock exchanges.

However, pursuant to the Supreme Court order on October 21, MIDC has restored 100 per cent supply of water to the Taloja MIDC zone. The Mahad site, which was affected by heavy flooding in Q2 of FY-20 resulting in a loss of production, has also resumed normal production, Hikal added in the statement. Shares of Hikal jumped 3.4 per cent to ₹112.05 on the BSE.

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Published on October 29, 2019
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