Syschem (India) up 7.5%

Syschem (India), engaged in the manufacture of bulk drugs/ Intermediates / Specialty Chemicals and contract manufacturing is in the limelight today morning. The stock opened over 7.5% higher at Rs.41.80, which is also its intraday high and currently trades 5% higher at Rs.40 levels. Its 52-week high is at Rs.65.10 and low at Rs.20.40.

The stock price rose on its announcement yesterday evening that it has approved a plan for expansion of existing facilities for manufacturing of Amoxicillin and Cephalexin at Unit in Haryana.

It is planning to set up a parallel production line and increase the installed capacity from 720 TPA to 1380 TPA.

The total fund required towards completion of the projects is projected at around Rs 10 to 12 crore.

The company will be starting the foundation laying work of the new unit from tomorrow.