Mirae Asset Mutual Fund has marginally trimmed its stake in Syngene International, according to the latest shareholding disclosures. The fund house sold a portion of its holdings while continuing to retain a sizable position in the biopharmaceutical services provider.
On September 2, the fund sold 667,386 shares, or a 0.16% stake, in Syngene International through open-market transactions, reducing its stake to 2.95% from 3.12% earlier. Post-sale, Mirae Asset Mutual Fund holds 11,907,883 shares, representing 2.95% of Syngene International’s equity share capital.
At the end of the June quarter, 29 mutual funds held a collective stake of 20.70% in the company. Key fund houses include ICICI Prudential Mutual Fund and UTI Flexi Cap Fund, which own 5.38% and 1.50% stakes, respectively, according to the latest Trendlyne shareholding data.
Syngene International, established in 1993 as a subsidiary of Biocon, is India’s first Contract Research Organization (CRO). Over the years, it has expanded into an integrated service provider, offering end-to-end drug discovery, development, and manufacturing services on a single platform (CRAMS).
During the June quarter, the company successfully completed a USFDA Good Clinical Practices (GCP) inspection of its Human Pharmacology Unit with no observations. In addition, its Biologics facility at Biocon Park received an Establishment Inspection Report (EIR) with a favorable Voluntary Action Indicated (VAI) outcome.
The company also concluded over 20 client and regulatory audits in Q1 FY26, reinforcing its commitment to global quality and integrity standards, according to its Q1 earnings report.
On the financial front, Syngene reported a 59% year-on-year rise in profit after tax (PAT) to ₹87 crore in Q1 FY26. Revenue from operations grew 11% YoY to ₹875 crore, while EBITDA rose 19% YoY, with margins improving to 25%.
Syngene International shares down 32% since December
The company’s shares have remained under pressure in recent months, closing 6 out of the last 09 months in the red, with January seeing the biggest monthly drop of 13%, followed by a 12% decline in August.
The slump has dragged the stock down 32% from its December peak of ₹960 apiece. Nevertheless, it still trades 209% above its March 2020 low of ₹212 apiece.
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