Panacea Biotec Shares Jump Over 5% After Announcement Of Baby Diaper Brand
The baby diaper brand will cater to the domestic market at present, but Panacea Biotec has plans to sell the products in other countries in 'due course'.
Panacea Biotec Ltd.'s share price soared over 5% after the company informed the bourses about the launch of its new diaper brand 'NikoMom'.
NikoMom is the name under which the company will sell its product line of diapers and wipes. The brand will cater to the domestic market at present.
The company added that it would launch the baby care products in some of the international markets in due course.
Following the announcement, shares of Panacea Biotec rose as much as 5.22% during the day to Rs 450.85 apiece on the National Stock Exchange.
By the closing bell, however, the sharespared some of the gains and settled at Rs 443.20 apiece on the NSE. In comparison, the benchmark Nifty 50 index closed 0.76% lower.
Over the past 12 months, the shares of Panacea Biotec have risen by over 130%. The stock had hit its highest level in three years on Sept. 17 a day after the company reached a settlement with Sanofi Healthcare India Pvt. over a patent infringement dispute related to a fully-liquid hexavalent vaccine.
In the quarter ended Sept. 30, 2024, Panacea Biotec had reported a consolidated net profit of Rs 4.71 crore, as against a net loss of Rs 8.3 crore in the year-ago period.
The company's total consolidated income from operations rose marginally to Rs 147.3 crore from Rs 143 crore in the September quarter of the previous fiscal.
