Panacea Biotec share price spiked 5 percent intraday on May 25 , a day after the company started the production of the Sputnik V vaccine at its facility in Himachal Pradesh.
The production of Sputnik V, the Russian COVID-19 vaccine granted emergency use authorisation, has been launched in India, said a joint statement issued by Russian Direct Investment Fund (RDIF) and pharmaceutical firm Panacea Biotec on May 24.
The first batch of doses produced at Panacea Biotec’s facilities at Himachal Pradesh's Baddi will be shipped to the Moscow-based Gamaleya Centre for "quality control", the statement said.
Panacea Biotec's Managing Director Dr Rajesh Jain said the launch of production was a significant step in India's battle against the virus. "Together with RDIF, we hope to help bring a sense of normalcy back to people across the country and around the world," he added.
RDIF is responsible for global marketing of the vaccine. RDIF has tied up with various Indian firms for the production of the jab.
The stock was trading at Rs 406.10, up Rs 19.30, or 4.99 percent at 1405 hours. It has touched an intraday high of Rs 406.10 and an intraday low of Rs 395.30. There were pending buy orders of 90,881 shares, with no sellers available.