Biocon hits lifetime high on heavy volumes

At 1115 hours, a combined 5.23 million shares representing 2.6% of total equity of Biocon have changed hands on the NSE and BSE.

Biocon has soared 13% to Rs 514, also its record high on the National Stock Exchange (NSE), on the back of heavy volumes. The stock opened at Rs 461 and has seen over two-fold jump in trading volumes.

At 1115 hours, a combined 5.23 million shares representing 2.6% of the company's total equity, have changed hands against an average sub 1.5 million shares that were traded daily in the past two weeks on NSE and BSE.

In the past six trading sessions, the stock has rallied 20% from Rs 427 on April 9 on buzz of a bonus issue. The benchmark CNX Nifty has remained unchanged during the period.

However, the company has denied any possibilities of a bonus issue, saying, "At the outset would like to deny the news item."

Meanwhile, Biocon said that its board of directors is scheduled to meet on April 24 to announce the audited financial results for the year ended on March 31, 2014.

Earlier, in September 2008, the company had issued bonus shares in the ratio of 1:1.