Biocon boom continues

DALAL STREET SPIKES

Shares of biotech major Biocon hit a upper circuit of 20 per cent for the third consecutive day at the Bombay Stock Exchange. The stock finally closed at Rs 694.75, up 19.54 per cent and has now gained nearly 120 per cent as against its issue price of Rs 315.

According to dealers, there were pending buy orders at this counter at close at the BSE. As per market talks, the stock is being mopped by high networth individual investors who did not get the shares in the initial public offer, which was oversubscribed 33 times.

The counter witnessed volumes of 19.56 lakh shares at the BSE in today's trading. The biotech major has a presence in bio-pharmaceuticals, enzymes, customs research and clinical research.

Biocon along with its subsidiaries is a completely integrated unit with capabilities from cell culture to drug discovery.