Syngene International gains after Mangalore facility starts operations

Syngene International rose 1.62% to Rs 238.25 after the company announced commencement of operations at Mangalore Special Economic Zone (SEZ).

Syngene International announced on Thursday (19 March 2020) that the newly setup manufacturing facility of the company situated at Mangalore Special Economic Zone (SEZ) unit - I, Plot No. IP-39, IP-46, IP-60, IP-25 (part), Kalavar Village, Post Mangaluru Taluk, Dakshina Kannada District, Karnataka has commenced operations and successfully processed the first order upon receipt of all statutory licences and clearances from relevant authorities.

In the past six sessions, the scrip has slipped 19.11% to end at Rs 234.45 yesterday from a recent closing high of Rs 289.85 recorded on 11 March 2020.

Syngene International's consolidated net profit rose 5.5% to Rs 91.80 crore on a 11.1% increase in net sales to Rs 519.10 crore in Q3 December 2018.

The company's third quarter business performance was driven primarily by growth in discovery services and supported by steady performance in development services and the dedicated R&D centres.

Syngene International is engaged in providing contract research and manufacturing services in early-stage drug discovery and development to pharmaceutical and biotechnology companies.

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