Panacea Biotech ends higher on starting new facility

Panacea Biotec ended higher by 7.2% at Rs 73 in trades on Thursday on launch of its new facility in Himachal Pradesh for the production of anti-cancer products.

Panacea Biotec plans to scale up production of anti-cancer products with the commissioning of its new facility in Himachal Pradesh. The new oncology facility will entail an annual production capacity of around 1.2 million vials. The unit enjoys various fiscal incentives like excise duty exemption, sales tax concession etc. The total project cost of setting up the plant is around Rs 55 crore.

The stock opened at Rs 69 and touched the high of Rs 76 in intra-day deals today. As many as 7,169 shares changed hands compared to its two-week average of 7,169 shares.