Panacea Biotec hits 52-week high on Serum Institute selling off 4 lakh shares

According to the data published by the NSE, the vaccine maker sold its shares in the company for the second time in the ongoing quarter after having offloaded 5 lakh shares in August at an average price of Rs 146.31.

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Panacea Biotec shares surged to a 52-week high of Rs 165 on September 18 buoyed by high-volume trade. Nearly one crore shares of the pharma company changed hands against a monthly average of 8 lakhs.

The sharp uptick in the stock price came after Dr Cyrus Poonawalla’s Serum Institute of India offloaded 4 lakh shares in the last trading session on September 15 at an average price of Rs 140.65.

According to data published by the NSE, the vaccine maker sold its shares in the company for the second time in the ongoing quarter after having offloaded 5 lakh shares in August at an average price of Rs 146.31.

At 12.15pm on the NSE, the Panacea Biotec stock was quoting Rs 157.90 apiece, up Rs 11.60, or 7.95 percent from the last close.

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In its results for the April-June quarter, Panacea Biotec reported a 16.21 percent YoY (year-on-year) increase in revenue from operations at Rs 129 crore. Net profit for the quarter was Rs 11 crore against a loss of Rs 56 crore reported in the same period year before. The operating losses for the quarter were recorded at Rs 10 crore against an operating loss of Rs 80 crore reported in the corresponding quarter of the previous fiscal.

Panacea Biotec is engaged in the business of pharmaceuticals and biotechnology. The company specialises in development and manufacturing of vaccines and biosimilars, apart from antibiotics, and other pharmaceutical formulations.

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