Panacea Biotec hits 5% upper circuit, nears 52-week high on Sputnik V vaccine production in India

By: |
Updated: May 25, 2021 11:11 AM

Panacea Biotec share price hit 5 per cent upper circuit at Rs 406.10 apiece on BSE after the company along with RDIF announced the launch of production of the Russian Sputnik V vaccine against coronavirus

Panacea Biotec, sputnik, covid-19Panacea Biotec stock was trading close to its 52-week high of Rs 407.20 apiece, touched on April 28, 2021.

Panacea Biotec share price hit 5 per cent upper circuit at Rs 406.10 apiece on BSE after the company along with the Russian Direct Investment Fund (RDIF) announced the launch of production of the Russian Sputnik V vaccine against coronavirus. The first batch produced at Panacea Biotec’s facilities at Baddi will be shipped to the Gamaleya Center for quality control. Panacea Biotec stock was trading close to its 52-week high of Rs 407.20 apiece, touched on April 28, 2021. The company in a press release said that full-scale production of the vaccine is due to start this summer. The company’s facilities have complied with GMP standards and are prequalified by WHO. “Panacea Biotec looks overbought and it could move up to Rs 425. Long-term investors should wait for a dip near Rs 365 to re-enter the stock for better returns,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online.

In traded volume terms, 61,000 Panacea Biotec shares have exchanged hands on BSE, while a total of 2.30 lakh shares have traded on NSE, so far in intraday. Sputnik V was registered in India under the emergency use authorisation procedure on April 12, 2021, and vaccination against COVID-19 with the Russian vaccine started on May 14. As announced in April, RDIF and Panacea have agreed to produce 100 million doses per year of SputnikV vaccine. To date Sputnik V has been registered in 66 countries globally with total population of over 3.2 billion people. Efficacy of Sputnik V is 97.6 per cent based on the analysis of data on coronavirus infection rate among those in Russia vaccinated with both components of Sputnik V from December 5, 2020 to March 31, 2021, company said in a release.

Shares of Panacea Biotec hit a 52-week low of Rs 141.56 apiece on June 2, 2020. “Production of Sputnik V supports efforts of India’s authorities to leave behind the acute phase of coronavirus as soon as possible while the vaccine will also be exported at a later stage to help prevent the spread of the virus in other countries around the world,” said Kirill Dmitriev, CEO of the Russian Direct Investment Fund. The vaccine uses two different vectors for the two shots in a course of vaccination, providing immunity with a longer duration than vaccines using the same delivery mechanism for both shots.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Covered bond issuances increase to Rs 2,200 cr in FY21: Report
2IPO-bound Veeda Clinical Research raises $16 mln in round led by Sabre PE
3BSE collaborates with GIFT SEZ to offer finance, capital mkts courses