Shilpa Medicare has tied up with Dr Reddy for the Russian Corona vaccine Sputnik V production.
The company has tied up with Dr. Reddy’s Laboratories.
When the market opened this morning, the faces of investors blossomed because the market was showing the expected boom. Meanwhile, the pharmaceutical company Shilpa Medicare said that its subsidiary Shilpa Biologicals has entered into a binding agreement with Dr Reddy’s Laboratories Ltd (DRL) for manufacturing Russia’s COVID-19 vaccine Sputnik V.
Shilpa Medicare told the stock market, “The company, through its wholly owned subsidiary Shilpa Biologicals Private Limited (SBPL), has entered into a binding agreement with Dr. Reddy’s Laboratories for three years, under which the company is located in Dharwad, Karnataka Sputnik V will produce and supply the vaccine from its integrated biologics R&D and manufacturing center located in India. The company said that in the first one year, the target is to produce five crore dual doses of Sputnik V vaccine (five crore component one and five crore component two). Shilpa Medicare said that Dr. Reddy’s will transfer the technology of Sputnik V to SBPL.
Share up 14%
After this news came out, Shilpa Medicare shares are seeing tremendous growth. At 12 noon, its stock was trading at Rs 498 level with a gain of 42.95 rupees (9.43%) on the NSE. Its stock closed at Rs 455.55 level last week. This morning, its stock opened at a level of Rs 465 with a gain of about Rs 10. During the business today, it reached the level of Rs 516 (a rise of about 14 percent). The minimum level is 463 rupees.
The stock fell 30 percent from its 52-week high.
Shilpa Medicare has a 52-week high of Rs 695 and a minimum of Rs 312. The company’s market cap is 4065 crores. The stock is currently nearly 60 per cent ahead of its 52-week low and 30 per cent behind the highest. This company has given 11 percent in a week, 30 percent in a month and 39 percent in a year. The promoter has a 53 per cent stake in this company. It is obvious that if the company produces the vaccine, then there is every possibility of increasing its revenue in the coming days.
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(With language input)
