Shares of Panacea Biotec on Tuesday rallied 20 per cent after the Russian Direct Investment Fund (RDIF) and the drug firm agreed to produce 100 million doses per year of Sputnik V COVID-19 vaccine in India.

The stock jumped 19.99 per cent to ₹220.85 -- its highest trading permissible limit -- on BSE.

On NSE, it zoomed 19.98 per cent to ₹221.25 -- its upper circuit.

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Panacea Biotec will make 100 m doses of Sputnik V annually

Production of Sputnik V at Panacea Biotec sites will help facilitate the global supply of Sputnik V to international partners of RDIF, a joint statement said.

"Cooperation with Panacea Biotec is an important step to produce the vaccine in India and to supply our international partners around the world, Russian Direct Investment Fund CEO Kirill Dmitriev said.

Vaccine partnerships are the only way to overcome the pandemic, he added.

Panacea Biotec MD Rajesh Jain said, "We are pleased to collaborate with RDIF to produce Sputnik V for global markets. Panacea Biotec brings decades of vaccine manufacturing and distribution know-how to scale-up Sputnik V supplies".