Shares of Panacea Biotec Ltd. surged to an upper circuit of 5% on Thursday after the company informed the exchanges that it has received a Letter Of Award (LoA) from United Nations International Children’s Emergency Fund (UNICEF) for supply of 115 million doses of its bivalent oral polio vaccine (bOPV).

The contract, worth $14.95 million (approximately ₹127 crore), will be executed by calendar year 2025.

The LoA is for the supply of bOPV to UNICEF for its requirements in countries in Africa and Asia region as per the orders as may be received from time to time.

On the charts, Panacea Biotec is neither in the ‘Oversold’ nor in the ‘Overbought’ territory, with its Relative Strength Index (RSI) at 50.9. An RSI reading below 30 means that the stock is ‘Oversold’ and above 70 is ‘Overbought’.

Shares of Panacea Biotec are now locked in an upper circuit of 5% at ₹454.90. With today’s surge, the stock has rallied over 160% so far in 2024. Over the last 12 months, the stock is up 163%.

The stock is currently down 7% from its recent high of ₹490.55, which it had surged to in December this month.