Panacea Biotec rallies ~20% on major order win

11 Oct 2022 , 01:24 PM

Panacea Biotec’s counter jumped as much as 20% at Rs160.80 in Tuesday’s session following the company’s announcement of a significant order win from UNICEF and the Pan American Health Organization (PAHO).

UNICEF and PAHO have placed long-term supply orders with the biotechnology company for its WHO-pre-qualified completely liquid pentavalent vaccination, Easyfive-TT, totaling $127.3 million (Rs1,040 crore).

At around 1.10 PM, Panacea Biotec was trading 17.54% higher at Rs157.50, against the previous close of Rs134 on NSE.

The orders from UNICEF and PAHO each total $98.755 million (Rs 813 crore) for the delivery of 99.70 million doses over the course of the calendar years 2023—2027 and $28.55 million (Rs 235 crore) for the supply of 24.83 million doses over the course of the calendar years 2023—2025, respectively.

The order victory exceeds the small-cap company’s whole market capitalisation of Rs955 crore.

Even after a chunky 20% surge, the counter was trading much lower than its 52-week high of Rs286. However, during today’s intraday trade it hit the upper circuit limit of Rs160.80.

On a year-to-date basis, the company’s shares have been down more than 20%, while over the last year, they have declined approximately 45%.