Syngene International shares jump 3.5% after 2% equity changes hands in block deal; check details 

As per news reports, as many as 82.2 lakh shares, or 2% equity, worth ₹706 crore, changed hands at ₹858.5 apiece.

Earlier, CNBC TV-18 reported that Biocon was likely to sell a 2% stake in Syngene International Ltd through block deals, with the indicative price for the sale pegged at ₹825 per share.

"This represents a discount of 4.94% to the current market price (CMP) of ₹867.90 per share. The total transaction size is estimated to be ₹660 crore. The deal will be subject to a lock-in period of 60 days," the report added.

Contract research and manufacturing services firm Syngene International reported a 9% on-year decline in consolidated profit after tax to ₹106 crore in the second quarter of FY25.

The company reported a profit after tax (PAT) of ₹117 crore in the July-September quarter of last fiscal.

Revenue from operations declined to ₹891 crore in the September quarter compared with ₹910 crore in the year-ago period, Syngene International said in a statement.

"Performance in the second quarter and first half of the year was broadly flat, in line with our expectations," Syngene International Managing Director and Chief Executive Officer Jonathan Hunt said.

With a strong third quarter already underway, the company expects to see a positive change in revenue trajectory in the third quarter and remain on track to deliver within the guidance range for the full year, Hunt added.

The company said it has appointed Deepak Jain as Chief Financial Officer with effect from December 1.

Jain replaces Sibaji Biswas, Executive Director and Chief Financial Officer, who has submitted his resignation and will leave the company to pursue other career opportunities, it added.

Syngene also appointed Jayashree Aiyar as Chief Scientific Officer (CSO) and as part of the company's executive committee, with immediate effect.