Panacea Biotec shares reached the upper circuit limit of 5 percent on December 26 after the company received a Letter of Award (LoA) from UNICEF. The award is for supplying 115 million doses of its bivalent oral polio vaccine (bOPV). This significant contract is valued at approximately USD 14.95 million (around Rs 127 crore) and is scheduled to be executed within the calendar year 2025. The vaccine will cater to UNICEF’s requirements in several countries across Africa and Asia.
The stock was quoted at Rs 456.25 on the BSE following this announcement, up by 4.99 per cent. More than 16,000 shares were lying in buy mode while there were no sellers. This rally has added yet another feather in the cap of Panacea Biotec, which has reported strong financial numbers during recent months. For the second quarter, the net profit jumped by 158 percent to Rs 4.80 crore.
The stock has also given substantial returns, surging 225 percent in the last six months. Panacea Biotec reached a 52-week high of Rs 489.00 on December 12, 2024, while the 52-week low of Rs 112.70 was on June 4, 2024. The stock currently trades 6.7 percent below its annual high and has surged over 304 percent from its 52-week low, indicating strong investor confidence.
This most recent LoA by UNICEF bolsters the position of Panacea Biotec, a steadfast leader in global healthcare and dedicated to tackling diseases of the likes of polio with adequate supply of its vaccines.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
