Sensex Rises Over 300 Points, Dow Futures Up By 153 Points

Hester will provide the complete infrastructure at its Gujarat plant for the manufacturing of the drug substance and Omnibrx will act as a technology support partner, the filing said.

Hester has estimated an outlay of Rs 400 m for this project. The entire process is facilitated by the Department of Biotechnology, the company said.

If everything goes as per the plan, then bulk production of this drug substance will begin from August 2021. This will be then supplied back to Bharat Biotech for producing vaccine doses, it noted.

Hester Biosciences is a leading player in the animal healthcare segment. It is the second-largest poultry vaccine manufacturer in the country. Only three vaccines have so far been approved to be sold in India - Covaxin, Covishield, and Sputnik V.

We will keep you posted on updates from this space. Stay tuned.

At the time of writing, shares of Hester Biosciences were trading up by 5.7% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani shares why he thinks the bull market in crude oil is not sustainable, in his latest video for Fast Profits Daily.

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In news from the engineering sector...

Dixon Technologies Q4FY21 Results: Net Profit Surges 60% YoY

Dixon Technologies reported a 60% year-on-year (YoY) rise in consolidated net profit for the quarter ended March at Rs 443 m, which was below analysts' estimates of Rs 516 m.

The company's consolidated revenue from operations also rose 146% YoY to Rs 21.2 bn.

During the quarter, the operating performance of the company was strong as consolidated EBITDA (earnings before interest, tax, depreciation, and amortization) jumped 45% YoY to Rs 808 m. However, the company's EBITDA margins contracted sharply to 3.8% from 6.5% due to higher input costs.

The company's consumer electronics continued to be the highest-grossing segment, which contributed 56% of the company's total revenue, followed by lightning products which accounted for 18%, and the home appliances and mobile division which contributed 7% and 14% respectively.

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