Top Trending Shares: Investors of this company making API got lottery, share jumped more than three percent – good news for this api manufacturer stock jumps more than three percent
New Delhi: Attention all investors and market participants. The Indian stock market i.e. Dalal Street is on cloud nine. Due to some great news coming in the financial world, the market is showing a boom. Retail inflation in the country came down to 4.7 per cent in April, which is its lowest level in 18 months. Yes you heard right. Inflation has come down drastically. What is most encouraging is that it is well below the RBI cap of six per cent. RBI is the central bank of the country and it has the responsibility of regulating the monetary policy of the country. RBI is closely monitoring the inflation situation in the country. It has set a target of keeping inflation under 4 per cent with a margin of 1 per cent. This means that if inflation remains between two and six percent, then it is within the tolerance limit of RBI. There is a saying that when it rains, it rains heavily. This adage proved to be true on Monday. With inflation coming down, Hikal shareholders got to hear good news. The company has announced zero observations in the US FDA audit. The company’s stock jumped more than three per cent in early trade on Monday. During this, about six lakh shares were bought and sold. This is more than its 10 day and 30 day average volume. An announcement by the company led to a spurt in its shares. The US Food and Drug Administration recently visited the company’s facility in Panoli (Gujarat). After this five-day inspection, the American agency gave zero 483 observations. The company’s Panoli facility has been audited twice in the past and has been approved to manufacture advanced intermediates and critical starting materials. The company’s President (Pharmaceuticals) Manoj Mehrotra said that Hikal is a well-known manufacturer of APIs and intermediates and this approval is in line with our diversification strategy. This will give us additional API sites to serve our global customer base.
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