ICICI Securities expects Syngene's revenues to be back on track as the company is currently operating at 90 per cent capacity.
But ongoing capex and depreciation may weigh on bottom line
The stock of Syngene International has soared 24 per cent during the past month, as against a 2 per cent rise in the S&P BSE Sensex.
The company's profit after tax rose 20 per cent to Rs 120 crore relative to last year's profit of Rs 100 crore.
Syngene currently operates through multiple facilities in Bengaluru spread across an area of 1.5 million square feet
Biswas will succeed incumbent CFO M B Chinappa, who will stay within the Biocon group of companies and join Biocon Biologics in a new role
The announcement of the successor will be made shortly, said the company in a regulatory filing
He replaces Peter Bains, who has stepped down from company's board
The company said that there was a fire last night within one of the company's laboratory building at Syngene, which has since been brought under control.
The stock dipped 5.5% to Rs 572 on the BSE after a more than 1% stake of the pharmaceutical company changed hands via block deal.
The stock rallied 9% to Rs 524, also its record high on the BSE in intra-day trade on Thursday.
The stock hit a high of Rs 494.05 and a low of Rs 477.90 so far during the day