India's Syngene up 6% as Q4 profit jumps; stock in overbought zone

Syngene International

27/04/2023 05:28

** Shares of Syngene International Ltd  SYNN.NS  rise as
much as 5.70% - biggest intraday gain in over six months - to
660 rupees
    ** Contract research company reports 21% year-on-year rise
in consolidated profit to 1.79 bln rupees in March quarter
    ** Revenue from operations up 31% YoY, core profit rises 26%
to 3.14 bln rupees rupees in Q4
    ** For the full financial year 2023, SYNN has reported its
highest absolute rise in revenue and core profit in five years,
co says in investor presentation
    ** Trading volume at 1.61 mln shares as of 9:50 a.m. IST,
nearly quadruple the 30-day avg, most active trading session
since the union budget on Feb. 1 
    ** Relative strength index of the stock is 76, suggesting
stock may be overbought - Refinitiv data
    ** Of the eight analysts tracking SYNN, seven maintain "buy"
and one suggests "hold"; median TP is 723.50 rupees - Refinitiv
data 




 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))