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Biocon surges 5% on bonus issue plan

The board will meet on April 27, to consider bonus issue shares

SI Reporter  |  Mumbai 


rallied 5.5% to Rs 1,125 on BSE in early morning trade after the company said that the board will consider issue of shares in their meeting held on Thursday, April 27, 2017.

Earlier on March 30, the company engaged in biotechnology business had said a meeting of the board of directors of the company will be held on April 27, 2017,  to consider, approve and take on record, the audited financial results (both standalone and consolidated) of the company for the year ended March 31, 2017.

On April 20, said the board will also consider and recommend a final dividend, if any, for the financial year 2016-17.

On Monday, it said “we wish to inform you that, consideration and recommendation to issue shares forms part of the agenda of the meeting of board of directors of the company, scheduled on Thursday, April 27, 2017.”

So far in 2017, the stock had performed in line with the market, which gaining around 12% till yesterday.

At 9:27 am; it was up 5% at Rs 1,121 on BSE as compared to 0.54% rise in the S&P BSE Sensex. A combined 292,094 shares changed hands on the counter on BSE and NSE so far.