India's Syngene, Neuland Labs rise as Goldman sets Street-high PTs

Neuland Laboratories

12/04/2024 05:38

** Shares of contract research firm Syngene International
 SYNN.NS  up 2.1% and pharmaceuticals firm Neuland Laboratories
 NEUL.NS  up 4.8%
    ** Goldman Sachs initiates stocks with a 'buy' rating, sets
street-high PTs of 875 rupees for SYNN and 9,100 rupees for
NEUL; highlights improving funding for biotech, capacity ramp-up
and new contract wins
    ** Brokerage believes India's share in global contract
research/drug manufacturing will rise as companies reduce
dependence on China; lists SYNN, NEUL as its top picks in sector
    ** "Any progress" on U.S. bill that prohibits federal
agencies from contracting with China biotech companies/service
providers, "could bring in disproportionate benefits" to NEUL -
Goldman
    ** Meanwhile, shares of Laurus Labs  LAUL.NS  down 1.7%
after brokerage initiates stock with "sell"
    ** NEUL up 23.5% so far this year, vastly outperforming
LAUL's 5% rise and SYNN's 8.9% growth

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))