On August 7, the shares of Hikal rose 2% and reached an intraday high of Rs 303.95 after the Gujarat Pollution Control Board (GPCB) revoked its previous closure order for the Panoli facility.

Earlier on July 23, the GPCB issued an order to the Hikal company to cease all operations of its plant located at GIDC Panoli, Brauch, within 15 days from the order date for alleged violations of a few provisions of the Environment (Protection) Act, 1986 and the rules framed under them.

The facility continues to operate as usual with no interruption in its daily production activities, as the company has clarified all the queries raised by GPCB.

The company further added that it plans to revoke the closure order very soon.

The company’s board of directors are set to meet on August 8 to discuss and approve the unaudited financial results of the April – June quarter of the current fiscal year.

At 12:50 pm, the shares of Hikal were trading at Rs 296.30 or 0.47% above its previous close of Rs 294.90 on NSE.