Amber Enterprises India Ltd, ICICI Bank Ltd, Carborundum Universal Ltd, Great Eastern Shipping Company Ltd are among the other stocks to see a surge in volumes on BSE today, 01 February 2023.

Syngene International Ltd clocked volume of 400.54 lakh shares by 10:47 IST on BSE, a 2450.39 times surge over two-week average daily volume of 16346 shares. The stock gained 2.47% to Rs.577.65. Volumes stood at 46180 shares in the last session.

Amber Enterprises India Ltd clocked volume of 1.01 lakh shares by 10:47 IST on BSE, a 22.38 times surge over two-week average daily volume of 4495 shares. The stock gained 0.02% to Rs.1,909.85. Volumes stood at 1545 shares in the last session.

ICICI Bank Ltd registered volume of 41.87 lakh shares by 10:47 IST on BSE, a 12.43 fold spurt over two-week average daily volume of 3.37 lakh shares. The stock rose 3.05% to Rs.857.00. Volumes stood at 2.47 lakh shares in the last session.

Carborundum Universal Ltd witnessed volume of 1.03 lakh shares by 10:47 IST on BSE, a 11.1 times surge over two-week average daily volume of 9272 shares. The stock increased 0.35% to Rs.975.60. Volumes stood at 23399 shares in the last session.

Great Eastern Shipping Company Ltd saw volume of 44662 shares by 10:47 IST on BSE, a 5.9 fold spurt over two-week average daily volume of 7570 shares. The stock increased 2.30% to Rs.654.65. Volumes stood at 7593 shares in the last session.

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Syngene International has entered into a Business Transfer Agreement on 30 January 2023 to transfer the operations of the Company in Hyderabad under slump sale arrangement to Syngene Scientific Solutions (SSSL), a Wholly owned subsidiary of the Company with effect from 01 April 2023.

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Revenue from operations jumped 22.5% to Rs 785.90 crore in the quarter ended 31 December 2022 as compared to Rs 641.40 crore recorded in Q3 FY22.

Profit before tax stood at Rs 139.90 crore in Q3 FY23, up 9% from Rs 128.40 crore reported in the same period last year.

Reported EBITDA increased by 15% to Rs 248 crore in Q3 FY23 as against Rs 216 crore posted in Q3 FY22. EBITDA margin reduced to 30.9% as compared to 33.1% registered in the corresponding quarter a year ago.

Syngene said that the third quarter results reflect positive performances across all divisions. The firm's research divisions, discovery services and the dedicated centres, delivered solid results. Development Services benefitted from repeat orders from existing clients and a growing number of collaborations with emerging biopharma companies.

In Manufacturing Services, the company successfully completed the US Food and Drug Administration (US FDA), European Medicines Agency (EMA) and Medicines and Healthcare products Regulatory Agency (MHRA) regulatory audits for its biologics manufacturing facility. With the Good Manufacturing Practice (cGMP) certifications from the regulatory agencies in place, the company is on track to execute manufacturing of drug substance at a commercial scale and progress its Biologics manufacturing services growth strategy.

Jonathan Hunt, managing director and chief executive officer of Syngene International, said, “We continue to see good demand in the main client markets of US and Europe which - combined with strong execution and forward planning - has helped us deliver solid revenue growth in the third quarter. Based on our strong performance to date, we are confident of meeting the upgraded annual revenue growth guidance of high teens.”

Sibaji Biswas, chief financial officer of Syngene International, said, “Overall financial performance for the nine months ending 31 December 2022 was in line with our upgraded guidance and, with strong underlying revenue growth and stable margin delivery, we are on track to achieve our guidance for the year. In line with the global trend, we are also facing inflationary pressures, but we have been largely successful in navigating such issues to date and we remain confident about the positive future potential for our business.”

Syngene International is an integrated research, development and manufacturing services company serving the global pharmaceutical, biotechnology, nutrition, animal health, consumer goods and specialty chemical sectors.

Shares of Syngene International declined 2% to Rs 592.10 on the BSE.

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Net profit of Syngene International rose 5.48% to Rs 109.70 crore in the quarter ended December 2022 as against Rs 104.00 crore during the previous quarter ended December 2021. Sales rose 22.53% to Rs 785.90 crore in the quarter ended December 2022 as against Rs 641.40 crore during the previous quarter ended December 2021.

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