There is no loss or injury to human life or damages of property due to this incidence except damages to some equipments and stocks which got wet due to water used in dousing the fire.
A minor fire incident took place on 29 December 2020 in a technical engineering floor in one of the air handling unit of the soft gelatin manufacturing block in the pharmaceutical formulations facility of Panacea Biotec's wholly owned subsidiary, Panacea Biotec Pharma at Baddi in Himachal Pradesh.The fire incidence was brought under control with the help of the fire control systems installed in the plant and the fire control department of the State Government of Himachal Pradesh. The facility has adequate insurance coverage for such loss and has informed the insurance company about this incident.
There is no impact on the operations at this plant. However as a precautionary measure, Panacea Biotec Pharma has stopped the production in the said soft gelatin manufacturing block which is likely to resume in a weeks' time after the affected area is restored.
Panacea Biotec is an innovation-led biotechnology group that focuses on discovery, development, and commercialisation of prescription medicines.
On a consolidated basis, Panacea Biotec reported a net loss of Rs 19.33 crore in Q2 September 2020 as compared to a net loss of Rs 75 crore in Q2 September 2019. Net sales surged 45.4% to Rs 182.02 crore in Q2 September 2020 over Q2 September 2019.
Shares of Panacea Biotec were up 2.33% at Rs 235.40. It traded in the range of 228.40 and 240 so far during the day.
Powered by Capital Market - Live News