Panacea Biotec declines after reporting Q1 net loss of Rs 70 cr

Panacea Biotec fell 1.11% to Rs 187.30 after the company's consolidated net loss stood at Rs 69.70 crore in Q1 June 2020 compared with net profit of Rs 185.87 crore in Q1 June 2019.

Consolidated net sales rose 2.2% to Rs 125.36 crore in Q1 June 2020 over Q1 June 2019. Pre-tax loss stood at Rs 60.55 crore in Q1 June 2020 as against pre-tax profit of Rs 188.47 crore in Q1 June 2019. Current tax expense surged 489.40% at Rs 39.96 crore during the period under review. The Q1 result was declared post trading hours yesterday, 3 September 2020.

In view of the COVID-19 pandemic, there have been several restrictions imposed by governments across the globe on the travel, goods movement and transportation considering public health and safety measures, which has adversely impacted the group's operations since late March 2020. The group has informed that it is closely monitoring the impact of the pandemic on all aspects of its business, including how it will impact its customers, employees, vendors and business partners.

Panacea Biotec is an innovation-led biotechnology group that focuses on discovery, development, and commercialisation of prescription medicines.

On the technical front, the stock's RSI (relative strength index) stood at 40.452. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 196.70 and its 200-day moving average (DMA) placed at 151.86.

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