Hester Biosciences surged 5.62% to Rs 2634.45 on reports that Bharat Biotech's Covaxin has received emergency use approval for children in the 2-18 years age group.
Covaxin is India's indigenous COVID-19 vaccine by Bharat Biotech developed in collaboration with the Indian Council of Medical Research (ICMR) - National Institute of Virology (NIV).The media reported that the Subject Expert Committee on COVID-19 has granted emergency use approval to Covaxin for children in the 2-18 years age group. The made in India vaccine will be administered in two doses, with a gap of 20 days between the first and second dose, reports added.
In May this year, Gujarat Covid Vaccine Consortium (GCVC) signed a pact with Bharat Biotech International towards contract manufacturing for the drug substance for Covaxin.
The GCVC comprises Gujarat Biotechnology Research Centre (GBRC) (a Government of Gujarat undertaking), Hester Biosciences and Omnibrx Biotechnologies.
As per the pact, Hester will provide complete infrastructure at its Gujarat plant for manufacturing the drug substance for Covaxin. Hester has estimated an outlay of Rs 40 crore for this project.
On a consolidated basis, Hester Biosciences' net profit rose 118.36% to Rs 12.49 crore in Q1 June 2021 on 51.04% rise in net sales to Rs 60.19 crore in Q1 June 2021 over Q1 June 2020.
Hester Biosciences is one of India's leading animal healthcare companies and is the second largest poultry vaccine manufacturer in the country.
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