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Shares of Bharat Immunologicals & Biologicals Corporation were locked in the 20 per cent upper circuit at Rs 44.85 on the BSE amid heavy volumes in Friday’s weak intra-day market.
Around 1.4 million shares, representing 3.2 per cent of total equity of the pharmaceutical company, had changed hands. There were pending buy orders for 315,728 shares on the BSE, at the time of writing this report. In comparison, the S&P BSE Sensex was down 1.1 per cent 60,159.
In the past three trading days, the stock price of Bharat Immunologicals & Biologicals Corporation has zoomed 61 per cent from a level of Rs 27.85 on December 20. It has more than doubled (rallied 114 per cent) from Rs 21 touched on November 18.
As on September 30, 2022, the government held 59.25 per cent stake in Bharat Immunologicals & Biologicals Corporation, the shareholding pattern data shows.
The company is engaged in the manufacturing of oral polio vaccine, zinc tablets, diarehha management kits and BIB sweet tablets.
On its future outlook, Bharat Immunologicals & Biologicals Corporation in its FY22 annual report said that the company is in a diversification mode and the project of oral cholera vaccine’s manufacturing facilities is in full swing. Further, the company is also sanctioned to augment the production of Covid-19 vaccine–Covaxin– in the country.
Awareness & concern of health of young children among public provide an opportunity for development of new products. The company said it is gearing up for the same and has tied up with reputed institutions for development of various products.
Growth of private manufacturers, non availability of bulk in India, frequent change in foreign exchange rates, reluctance of the health ministry to award supply order to a PSU on nomination base that was established to support government polio eradication programme, abolishment of price preference to PSUs are among key threats, the company said.
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