Gland Pharma rises after bagging deal to supply Russia's Covid-19 vaccine

Analysts upbeat about company's revenues, but say it will have to bump up its capacity quickly to meet the Russian order

The Gland Pharma stock hit a record high on Tuesday after the company signed a deal to supply Covid-19 vaccines from its injectables facilities. The deal with the Russian Direct Investment Fund envisages the supply of 252 million doses of Sputnik V Covid-19 vaccine. The company also indicated that this was the first of multiple partnerships being explored to leverage its manufacturing capacity and capabilities to support the global supply of Covid-19 vaccines.

The delivery of vaccines is expected to start from the fourth quarter of 2021. Kumar Gaurav of Kotak Institutional Equities expects the opportunity size to range from Rs