Syngene International heads north after bulk deal

Syngene International rose 0.88% to Rs 526.60 at 12:55 IST on BSE after a bulk deal of 19.60 lakh shares was executed on the scrip at Rs 534 per share at 09:20 IST on BSE.

Meanwhile, the S&P BSE Sensex was down 11.35 points, 0.03% to 33,550.20.

Bulk deal boosted volume on the scrip. On the BSE, 20.78 lakh shares were traded on the counter so far as against the average daily volumes of 94,755 shares in the past one quarter. The stock had hit a high of Rs 537.80 and a low of Rs 520 so far during the day. The stock had hit a 52-week high of Rs 663.30 on 9 December 2016 and a 52-week low of Rs 430 on 11 August 2017.

The stock had outperformed the market over the past 30 days till 22 November 2017, rising 4.74% compared with 2.93% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 17.53% as against Sensex's 6.22% rise. The scrip, however, underperformed the market in past one year, falling 1.36% as against Sensex's 28.83% rise.

The large-cap company has equity capital of Rs 200 crore. Face value per share is Rs 10.

Syngene International's net profit rose 2.95% to Rs 76.90 crore on 10.63% increase in net sales to Rs 335.20 crore in Q2 September 2017 over Q2 September 2016.

Promoted by Biocon, Syngene International is one of Asia's largest contract research organizations. The company provides discovery, development and manufacturing services across life-science based industries.

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