Panacea Biotec share rose 5 per cent to hit an intraday high of Rs 406.10 on BSE after the domestic pharma major and Russian sovereign wealth fund announced the launch of production of the Russian Sputnik V vaccine in India.
The company informed that the full-scale production of the vaccine is due to start this summer. It further added that the first batch produced at Panacea Biotec's facilities at Baddi will be shipped to the Gamaleya Center for quality control.
The stock opened 5 per cent higher and hit the upper circuit at Rs 406.10 against the previous close of Rs 386.80 on BSE. The share has gained 176 per cent in one year and risen 68.5 per cent since the beginning of this year.
Panacea Biotec share stands higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200-day moving averages. Market cap of the firm rose to Rs 2,487.39 crore.
Speaking on the development, Dr. Rajesh Jain, Managing Director of Panacea Biotec said, "This marks a significant step as we initiate production of Sputnik V. Together with RDIF, we hope to help bring a sense of normalcy back to people across the country and around the world."
"Launch of production in India in partnership with Panacea Biotec marks an important step for helping the country fight the pandemic. 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." Kirill Dmitriev, CEO of the Russian Direct Investment Fund.
Sputnik V has been registered in 66 countries globally with a total population of over 3.2 billion people. The vaccine was registered in India under the emergency use authorization procedure on April 12, 2021, and vaccination against coronavirus with the Russian vaccine started on May 14.
Efficacy of Sputnik V is 97.6% 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.
Sputnik V can be stored in a conventional refrigerator without any need to invest in additional cold-chain infrastructure. The price of Sputnik V is less than $10 per shot.
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