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Syngene International tumbles after fire incident

Capital Market 

Syngene International fell 5.08% to Rs 600.10 at 11:10 IST on BSE after a massive fire engulfed the premises of the company in Bengaluru yesterday, 12 December 2016.

The announcement was made during trading hours today, 13 December 2016.

Meanwhile, the BSE Sensex was up 64.67 points, or 0.24%, to 26,579.91.

On the BSE, so far 49,000 shares were traded in the counter, compared with average daily volumes of 93,457 shares in the past one quarter. The stock had hit a high of Rs 625 and a low of Rs 594 so far during the day.

The stock hit a record high of Rs 663.30 on 9 December 2016. The stock hit a 52-week low of Rs 349 on 5 April 2016. The stock had outperformed the market over the past 30 days till 12 December 2016, rising 10.92% compared with the 1.13% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 34.11% as against Sensex's 6.48% decline.

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

There was a fire last night within one of the laboratory building (Building-S2) at Syngene International, which has since been bought under control. There has been no loss of life or any injury reported.

The S2 facility comprises laboratory and office space, representing representing approximately 10% of the total developed laboratory and office space on the campus.

The company is in the process of assessing the extent of damage to the building and equipment and also implementing its business continuity plan to minimize impact on operations.

The company's 'Industrial All Risk' policy will help minimize the financial impact on account of damage to assets and loss of profits. Other facilities are not impacted and continue to operate as normal.

Net profit of Syngene International rose 54.02% to Rs 74.70 crore on 15.1% rise in net sales to Rs 294.70 crore in Q2 September 2016 over Q2 September 2015.

Promoted by Biocon, Syngene International is one of Asia's largest contract research organizations. It provides discovery and developmental services for new molecular entities across multiple platforms including small molecules, large molecules, antibody-drug conjugates and oligonucleotides.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 13 2016. 11:06 IST