Panacea Biotec spurts after receiving certificate of GMP compliance

Panacea Biotec jumped 3.97% to Rs 234.25 at 15:21 IST on BSE after the company received the certificate of GMP compliance from State Service of Ukraine on Medicines and Drugs Control.

The announcement was made during market hours today, 17 October 2017.

Meanwhile, the S&P BSE Sensex was down 17.59 points, or 0.05% to 32,616.05. The S&P BSE Small-Cap index was up 90.99 points, or 0.54% to 17,067.16.

On the BSE, 1.42 lakh shares were traded in the counter so far, compared with average daily volumes of 44,825 shares in the past one quarter. The stock had hit a high of Rs 254.35 and a low of Rs 223.85 so far during the day. The stock had hit a 52-week high of Rs 265.55 on 12 September 2017. The stock had hit a 52-week low of Rs 103 on 21 November 2016.

The stock had underperformed the market over the past one month till 16 October 2017, falling 9.17% compared with the Sensex's 1.12% gains. The stock, however, outperformed the market over the past one quarter, gaining 63.14% as against the Sensex's 1.91% rise. The scrip also outperformed the market over the past one year, surging 109.39% as against the Sensex's 17.92% rise.

The small-cap company has equity capital of Rs 6.13 crore. Face value per share is Re 1.

Panacea Biotec said that it has received the Certificate of GMP Compliance from State Service of Ukraine on Medicines and Drugs Control with Manufacturing Authorization for 22 medicinal products, including 4 oncology products for a period valid till 24 June 2020. Under this manufacturing authorization the company's oral solid dosage manufacturing facility and oncology facility at Baddi, Himachal Pradesh have been certified as complying with the Good Manufacturing Practices.

The 22 products under approval are in various therapeutic categories including organ transplantation, diabetes management, oncology, piles management, pain management and gastroenterology etc. Both the oral solid dosage manufacturing facility and oncology facility were inspected by the auditors from State Services of Ukraine on Medicines and Drug Control during the period from 19 June 2017 to 24 June 2017.

Panacea Biotec reported net loss of Rs 47.99 crore in Q1 June 2017, higher than net loss of Rs 20.49 crore in Q1 June 2016. Net sales fell 15.68% to Rs 104.27 crore in Q1 June 2017 over Q1 June 2016.

Panacea Biotec is one of India's leading research based biotechnology companies with established research, manufacturing and marketing capabilities. It is one of the largest vaccine producers and leading biotechnology companies in India.

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