Biocon pares gains, up 1.5%

The stock gave up some of its gains and finally ended at Rs 222, up 1.5% from the previous close. Around 391,918 shares were traded on the counter at the BSE as compared to the two-week daily average traded volumes of 307,418 shares.
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(Updated at 1117hrs)

Biocon has surged after reporting a three-fold rise in Q1 net profit.

The stock opened at Rs 223. It touched a low of Rs 220 but gained thereafter to a high of Rs 228 - up 4% from the previous close. It is now trading at Rs 227, up 3.5%. The counter has clocked comparatively heavy volumes of 212,726 shares as against teh two-week daily average trade of 307,418 shares.

The company informed the BSE that the net profit has soared 3.5 times to Rs 57.6 crore in the quarter under review from Rs 14.02 crore in the same quarter in the previous fiscal. The growth came as synergies from acquiring AxiCorp, a pharmaceutical distributor in Germany started to kick in.

Net sales were up 88% at Rs 495.8 crore in Q1FY10 from Rs 263.93 crore in Q1FY09.