Syschem India Shares Surge 9% as Company Plans Expansion of Manufacturing Facilities

21 Jun 2023 , 12:27 PM

Syschem India witnessed a nearly 9% increase in its share price during early trade on June 21, following the company’s announcement of plans to expand its existing manufacturing facilities.

The board of directors of Syschem India approves the expansion plan, which involves setting up a parallel production line at Bargodam in Panchkula, Haryana, for the manufacturing of amoxicillin and cephalexin.

The installed capacity of the unit will be significantly increased from 720 TPA to approximately 1380 TPA to meet the growing market demand.

The total funding required for the project completion is estimated to be around Rs 10 to 12 crore. Additionally, the company plans to commence the foundation laying work of the new Pharma Block on June 22, 2023.

As of the current writing, Syschem India is trading at Rs 40.79, reflecting a rise of Rs 1.78 or 5.45% on the BSE.

As per data, The stock’s 52-week high and low are recorded at Rs 65.10 (on January 23, 2023) and Rs 20.40 (on June 23, 2022), respectively.