Panacea Biotec Shares Surge to 52-Week High
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. This is the second time in the ongoing quarter that Serum Institute has sold its shares in Panacea Biotec, having offloaded 5 lakh shares in August at an average price of Rs 146.31.
At the time of writing, the Panacea Biotec stock was quoting Rs 157.90 apiece on the NSE, up Rs 11.60, or 7.95 percent from the last close.
The company’s results for the April-June quarter were also positive, with revenue from operations increasing 16.21 percent year-on-year to Rs 129 crore and net profit rising to Rs 11 crore from a loss of Rs 56 crore in the same period last year.
Panacea Biotec is engaged in the business of pharmaceuticals and biotechnology, specialising in the development and manufacturing of vaccines and biosimilars, apart from antibiotics and other pharmaceutical formulations.
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