InvestorQ : Why was Syngene up so sharply in trading on 03 June?
Mary Joseph made post

Why was Syngene up so sharply in trading on 03 June?

Answer
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sara Kunju answered.
4 months ago


Syngene, a subsidiary of Biocon, announced a deal with HiMedia Laboratories to produce and distribute ELISA test kits for Covid-19. These are used to test the presence of COVID-19 in suspected patients. These kits will be manufactured by Hi Media at their facility in Mumbai. The kit can test samples in a single run and generate results within 3 hours. This led to the stock rallying sharply on Wednesday. The ELISA was developed by Syngene at its Bengaluru facility and will be given for bulk manufacture to Hi Media Labs. The ELISA test can conform if the patient has been exposed to the Coronavirus or not. It can also generate results faster and more effectively.