Syngene International firms up after board recommends bonus issue

Syngene International rose 1.36% to Rs 609.35 at 13:59 IST on BSE after the company said its board recommended issuing one bonus equity share for each share held.

The announcement was made after market hours yesterday, 24 April 2019.

Meanwhile, the S&P BSE Sensex was down 24.56 points, or 0.06% to 39,030.12.

On the BSE, 22,000 shares were traded in the counter so far compared with average daily volumes of 1.13 lakh shares in the past two weeks. The stock had hit a high of Rs 620.30 and a low of Rs 605.10 so far during the day. The stock hit a 52-week high of Rs 699.80 on 25 April 2018. The stock hit a 52-week low of Rs 509.30 on 11 December 2018.

Syngene International announced that its board of directors at its meeting held on 24 April 2019, recommended the issue of bonus shares by capitalisation of free reserves in the ratio of 1:1 i.e., one bonus equity share of Rs 10 each fully paid-up for every one existing equity share of Rs 10 each held by the shareholders, as on the record date.

The company will intimate the record date for determining eligible shareholders entitled to receive bonus shares, in due course.

On a consolidated basis, net profit of Syngene International rose 18.46% to Rs 100.10 crore on 30.51% rise in net sales to Rs 533.90 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 24 April 2019.

Syngene International is a discovery, development and manufacturing organisation providing integrated scientific services to the pharmaceutical, biotechnology, nutrition, animal health, consumer goods and specialty chemical industries around the world.

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