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 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.