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  1. Syngene jumps 24% on stock market debut

Syngene jumps 24% on stock market debut

Drug research and development company, Syngene International, made a stellar debut on the stock markets on Tuesday even as secondary markets...

By: | Mumbai | Published: August 12, 2015 12:10 AM

Drug research and development company, Syngene International, made a stellar debut on the stock markets on Tuesday even as secondary markets declined nearly 1% on the back of poor earnings and weak global cues.

The Syngene stock surged more than 24% over the issue price of R250 per share on Tuesday. It closed at Rs 310.40 after touching an intra-day-high of Rs 318.20.

On the volume front, a little over 44.75 lakh shares of the company changed hands on the BSE and over 1.8 crore shares were traded on the NSE during the day.

Biocon’s subsidiary company now commands a market valuation of Rs 6,208 crore.

The company’s IPO, which concluded last month, was subscribed 32.03 times, helping it raise an estimated R550 crore. The company had raised R150 crore from anchor investors in a pre-IPO placement.

Syngene offers integrated drug discovery and development services with capabilities in medicinal chemistry, biology and toxicology.

In January, Biocon concluded a sale of 10% stake in Syngene for Rs 380 crore to IVF Trustee Company, which had valued Syngene International at Rs 3,800 crore.

Biocon ended 0.71% down at Rs 461.90 on BSE.

Shot in the arm
* The Syngene stock closed at R310.40 after touching an intra-day-high of R318.20
* On the volume front, a little over 44.75 lakh shares of the company changed hands on the BSE and over 1.8 crore shares were traded on the NSE during the day
* The company now commands a market valuation of Rs 6,208 crore
* The company’s IPO, which concluded last month, was subscribed 32.03 times, helping it raise about Rs 550 crore

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