Syngene shares rise over 3% after 8 mn equity changes hand via block deal

Syngene International shares gained 3.5 per cent in the morning deals on Tuesday and clocked an intraday high at Rs 898 per share. The stock rose after 8.336 million shares changed hands at Rs 873.65 per share via a block deal on BSE. Similarly, on the National Stock Exchange (NSE), 1.67 million shares changed hands via a block deal.

 

Reports suggest promoter Biocon was likely to sell a 2 per cent stake in the company via block deals. The indicative price was likely at Rs 825 per share, with the block size at Rs 660 crore. The buyers and sellers of the transactions are not revealed. 

 

Around 9:20 AM, Syngene share price was up 3.22 per cent at Rs 897 per share. In comparison, BSE Sensex was down 0.01 per cent at 81,502.12. The market capitalisation of the company stood at Rs 36,107.57 crore. The 52-week high of the company stood at Rs 960 per share and the 52-week low was at Rs 608 per share. 

 

In the previous session, Syngene International shares had slipped over 6 per cent along with other contract development and manufacturing organisation (CDMO) stocks as investors booked profit on concerns that the Biosecure Act is unlikely to get passed in the US Senate as the current session ends on December 20.

 

According to reports, five biotechnology firms with ties to China received a reprieve on Saturday as negotiators on a major defense bill chose not to include provisions that would ban the companies from securing new federally funded research projects and contracts.

 

ICICI Securities in a note said they will keep a watch on further developments in this regard and will also get insights from Indian CDMO players regarding the development. 

Syngene International Limited, headquartered in Bangalore, India, is a leading contract research and manufacturing organisation (CRMO) that serves the global pharmaceutical, biotechnology, and agrochemical industries. Established in 1993 and part of the Biocon Group, Syngene provides integrated scientific solutions, including drug discovery, preclinical and clinical development, and large-scale manufacturing of APIs, intermediates, and biologics. 

 

With state-of-the-art facilities adhering to international regulatory standards, Syngene is a trusted partner for advancing research and development in life sciences.

 

In the past one year, Syngene shares have gained 21.9 per cent against Sensex's rise of 16.5 per cent.