Covid Vaccine: Panacea Biotec to manufacture Covid-19 vaccine jointly with government; know what it means for investors

Panacea Biotec will manufacture vaccines for coronavirus in partnership with the government. SARS-Cov-2, a dominant covid-19 virus, will be the target of the company's vaccine development. They will also work on developing a vaccine for the beta coronavirus.

Previously, the firm focused on contract manufacturing, but now it will work with the Indian government for developing vaccines for covid-19.  Stocks appear to be responding as a result of this. At this time, there is around a 4% increase in price.

Analyst Rakesh Bansal tells investors what it means to invest in this stock. According to the charts, below - 204 is good support while above - 222 is a resistance, said Bansal.

He went on to say that this stock has a history that does not favour investors. Because of the vaccine, the firm has constantly been in the headlines, and whenever the stock market rises, the retailer gets stuck. As a result, trading in response to this news is not a wise idea, he suggested. Even if someone still wants to invest in this stock, the market expert advises putting a stop loss for yourself.

Basically, the track record of the company is not so good and that is why there is no move for trading, he concluded.

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