India's Syngene International down on revenue guidance cut

Syngene International

18/10/2023 08:09

** Shares of Syngene International  SYNN.NS  down as much as
7.58% to 720.3 rupees
    ** Stock's sharpest intraday pct loss since March 23, 2020;
lowest level since June 26 
    ** Integrated R&D firm said it expects revenue in H2FY24
revenue to grow at mid-teens as compared to high-teens growth
predicted earlier
    ** Domestic brokerage YES Securities says reduction in FY24
growth can result in 8-10% EPS downgrade in brokerage's FY24
estimates
    ** Analysts' average rating is equivalent of "buy"; median
PT is 808 rupees  
    ** About 4.4 mln shares change hands as of 12:13 p.m. IST,
5.6x the 30-day average  
    ** Stock last down 7%, trimming YTD gains to 23.84% 

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))