Syngene International rallies 13% in two days; stock nears record high

ICICI Securities expects Syngene's revenues to be back on track as the company is currently operating at 90 per cent capacity.

Shares of Syngene International moved higher by 8 per cent to Rs 472.50 on the BSE on Friday, thus rallying 13 per cent in the past two trading days after the company reported a better-than-expected operational performance in April-June quarter (Q1FY21). The stock of the pharmaceutical company was trading close to its all-time high level of Rs 474.75, touched on July 7, 2020.

In Q1FY21, the company’s revenue was flat at Rs 437 crore compared to the same quarter last year, in line with guidance, due to the temporary suspension of operations during the nationwide lockdown. EBITDA (earnings before interest, taxes,