Buzzing stock: Wockhardt shares rally post securing CDSCO nod for exporting Sputnik vaccines

The company will export up to 100 million doses of Sputnik vaccines.

Shares of Global Pharmaceutical and Biotechnology Company, Wockhardt Limited was trading up by 2.77% intraday in a down market on Tuesday after the company informed the exchanges that it received permission from the Central Drugs Standard Control Organization (CDSCO) to export up to 100 million doses of Sputnik vaccines.

Wockhardt will export up to 80 million doses of Sputnik Light and up to 20 million doses of Sputnik V Component I vaccine, the company said in a filing to the BSE. Its bulk vaccine and Fill-Finish manufacturing facilities at Waluj and Shendra, Aurangabad respectively were jointly inspected and approved by the Drug inspectors from CDSCO (West zone) and Aurangabad State FDA and Expert from CDL Kasauli to receive export NOC.

In August last year, Wockhardt entered into an agreement with the Russian Direct Investment Fund and Enso Healthcare to manufacture and supply Sputnik V and Sputnik Light vaccines against COVID-19 based on the technology transfer from Gamaleya National Research Institute of Epidemiology and Microbiology.

The company recently reported its quarterly numbers for December 2021. Its top line grew by 11.76% YoY to Rs 853.89 crore from Rs 764.02 crore in Q3FY21. PBIDT (Ex OI) was reported at Rs 111.45 crore, up by 99.77% as compared to the year-ago period and the corresponding margin was reported at 13.05%, expanding by 575 basis points YoY. PAT was reported at Rs 1.77 crore, down by 94.54% from Rs 32.4 crore in the same quarter for the previous fiscal year. The company are also planning a rights issue to raise Rs 1000 crore to meet the company’s financing needs for repayment of subordinated debt due, financing research and development initiatives.

Headquartered in Mumbai, Wockhardt Limited engages in the pharmaceutical business. Its products include formulations, biopharmaceuticals, nutrition products, vaccines and active pharmaceutical ingredients.

At 11.45 am on Tuesday, the stock of Wockhardt Limited was trading at Rs 398.80, up by 2.77% or Rs 10.75 per share as compared to a 0.3% decline in the benchmark index. The 52-week high of the scrip is recorded at Rs 3,200 and the 52-week low at Rs 525 on the BSE.

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