This Group A stock is witnessing positive action on July 15; do you hold it?
Syngene International is in action as it signs a 10-year manufacturing contract with the world’s largest medicine and vaccine producer for pets and livestock. The contract is estimated to be worth $500 million.
On July 15, at 11:37 am, the market is trading slightly positive. S&P BSE Sensex is trading 0.17% higher at 53508.36.
Talking about stock in momentum today, the shares of Syngene International are currently trading at Rs 614.15, up 4.62% from its previous closing of Rs 587.05 on the BSE.
The stock is rallying on the back of the news regarding the company securing a 10-year contract with Zeotis, a US-based animal health company.
Under this contract, Syngene will be manufacturing Librela (bedinvetmab), a first-in-class monoclonal antibody intended to treat osteoarthritis in dogs.
The company’s Librela product, which was launched in Europe, the United Kingdom, and Switzerland, was awarded 'Best new companion animal product' by IHS Markit Connect in 2021 for its transformative impact on pain relief for dogs suffering from the painful osteoarthritis disease.
Syngene International belongs to BSE group ‘A’. The company has a market capitalization of Rs 24,500 crore. The largest contract research organisation in India, Syngene International, offers integrated services for the discovery and development of new molecules on a variety of platforms, including small molecules, large molecules, antibody-drug conjugates, and oligonucleotides.
Earlier this week, the stock was in the news regarding the company acquiring a 26% stake in Ampyr Renewable Energy Resources Eleven.
The company has excellent financials. The 10-year sales and net profit growth for the company stand at 20% and 19%, respectively. The cash flow from operations also remains robust. As per the FY22 period ending, the company has ROE and ROCE of 13.6% and 13.3%, respectively.
Talking about holding pattern, promoter holds 70.41% stake, while FIIs & DIIs together hold 18.1%, and the rest 11.49% is held by non-institutional investors. On July 15, the stock opened at Rs 602.95. So far, the stock has made an intraday high and low of Rs 612.5 and Rs 593.25, respectively.
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