The share price of Panacea Biotec jumped 9 percent on Monday after the company received a manufacturing license from the Drug Controller General of India (DCGI) to produce the Sputnik V vaccine at its Baddi facility in Himachal Pradesh.

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The license is a necessary condition for using Sputnik V produced by Panacea Biotec in India, the company said in a press filing.

The stock was up as much as 8.9 percent to its day's high of Rs 411 per share on the BSE.

Panacea is manufacturing Sputnik V in collaboration with Russia’s sovereign wealth fund Russian Direct Investment Fund (RDIF). RDIF has signed fixed price manufacturing contracts with half a dozen India companies including Panacea.

The batches produced at Panacea Biotec’s facilities at Baddi, Himachal Pradesh, were earlier shipped to the Gamaleya Center in Russia for quality control.

"The said batches have successfully passed all the checks for quality parameters both at the Gamaleya Center in Russia and at the

Central Drug Laboratory, Kasauli, Himachal Pradesh in India," the release said.

Sputnik V was registered in India under the emergency use authorisation procedure on April 12, 2021, and vaccination against COVID-19 with the Russian vaccine started on May 14, 2021.

Sputnik V has been registered in 67 countries globally with a total population of over 3.5 billion people.