Panacea Biotec spurts on increased availability of Cilamin 250 capsules

Panacea Biotec surged 6.08% to Rs 125.55 at 11:42 IST on BSE after the company said its production of brand Cilamin 250 capsules has increased due to the receipt of additional quantity of raw material.

The announcement was made during market hours today, 3 January 2017.

Meanwhile, the S&P BSE Sensex was up 70.27 points or 0.26% at 26,665.72.

On the BSE, 16,000 shares were traded on the counter so far as against the average daily volumes of 15,120 shares in the past one quarter. The stock had hit a high of Rs 128 and a low of Rs 118.55 so far during the day.

The stock had hit a 52-week high of Rs 155 on 25 July 2016 and a 52-week low of Rs 83.90 on 12 February 2016. It had outperformed the market over the past one month till 2 January 2017, advancing 2.07% compared with the Sensex's 1.39% rise. The scrip had also outperformed the market over the past one quarter surging 6.72% as against the Sensex's 4.56% fall.

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

Panacea Biotec now has improved supply of Cilamin 250 capsules which has been made available in the retail market. Cilamin 250 capsules are used for treatment of Wilsons disease, Rheumatoid Arthritis and other conditions. The company had been witnessing short supply of these capsules in the market during the last few months due to non-availability of raw material D-Penicillamine in India.

On 9 December 2016, the company had released limited quantities of Cilamin 250 capsule to select stockiest all over India. Now, additional quantity of the same has been made available starting from 2 January 2017 at different stockiest all over India.

Panacea Biotec said it is in regular touch with Department of Pharmaceuticals, NPPA and Drug Controller General of India for facilitating regular supplies of Cilamin 250 capsules in the market.

Panacea Biotec reported net loss of Rs 11.84 crore in Q2 September 2016, lower than net loss of Rs 17 crore in Q2 September 2015. Net sales declined 18.3% to Rs 131.56 crore in Q2 September 2016 over Q2 September 2015.

Panacea Biotec is one of India's leading research based biotechnology companies with established research, manufacturing and marketing capabilities.

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