At 1:30 pm, the scrip was quoting at Rs 2,135 on the National Stock Exchange.
Shares of Hester Biosciences gained over 10 percent on September 26 after the company informed investors it has been able to meet demand for goat pox vaccine in the country.
At 1:30 pm, the scrip was quoting at Rs 2,135 on the National Stock Exchange.
The goat pox vaccine is used to immunise cattle against the lumpy skin disease. A total of 97,435 cattle have died in the country due to the viral infection, showed government data as of September 23.
Also Read: First suspected case of lumpy skin disease reported in Mumbai
Recognising signs of a potential outbreak, Hester Biosciences started manufacturing the vaccine in large quantities and has been able to meet demand. “There has been no short supply of the vaccine in any state in India. All supplies have been regularly made without any delays,” the company said in an exchange filing.
It added, “To continue the manufacturing and supply of all other vaccines against poultry, sheep, goat and cattle, Hester Biosciences is undergoing capacity expansion. This expansion would be completed in January 2023.”
The company also aims to manufacture and commercialise the lumpy skin disease vaccine which has been jointly developed with ICAR-IVRI.
In the first quarter of FY23, Hester Biosciences reported 67.6 percent year on year fall in net profit at Rs 3.6 crore and revenue fell 15.8 percent at Rs 50.7 crore. After the numbers, ICICI Direct downgraded the stock from Hold to Reduce citing adverse demand environment for poultry vaccines and delay in execution of tenders. Its target price on the stock is Rs 2,015. There has been no further update from the brokerage yet.
The stock has shed 15 percent in 2022 so far.
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