Hester Bio advances after tie up with Gujarat Govt for COVID vaccine

Hester Biosciences jumped 14.1% to Rs 2820 after the company announced that it has tied up with the Government of Gujarat and with Omnibrx for manufacturing COVID vaccine.

A triparty consortium has been formed between Hester Biosciences, Gujarat Biotechnology Research Centre, Department of Science & Technology, Government of Gujarat and Omnibrx to explore the prospects of manufacturing the Covid vaccine through technology from Bharat Biotech.

Government of Gujarat is the lead partner in the triparty consortium. The discussions are currently on-going with Bharat Biotech towards reviewing the infrastructure at Hester, the technology adaption process and the regulatory compliances. Based on the outcome of the review, the next course of action will be determined.

Shares of Hester Biosciences have jumped 27.33% in two days from its previous closing low of Rs 2214.75 on 12 May 2021. The counter hit an all time high of Rs 2,944 intraday today.

Hester Biosciences is engaged in manufacturing of poultry vaccines and large animal vaccines, and trading of poultry health products and large animal health products. Its segments include poultry division and large animal division.

The company's consolidated net profit rose 7.7% to Rs 12.87 crore on a 12.2% increase in net sales to Rs 56.89 crore in Q3 FY21 over Q3 FY20.

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