Biocon rallies 3% as Syngene share sale powers Q4 net

Biocon has gained around 3% on the Bombay Stock Exchange (BSE) to Rs 455 levels, after the company reported a 78% year-on-year (y-o-y) rise in its consolidated net profit for the quarter ended March 2015 to Rs 201 crore.

However, the company's net profit included gain amounting to Rs 105 crore on account of sale of shares in Syngene.

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“Total Income has increased from Rs 745.7 crore for the quarter ended March 31, 2014 to Rs 854.51 crore for the quarter ended March 31, 2015,” the company said in a filing to the exchanges.

Last week, Biocon said it has filed a prospectus with market regulator Securities and Exchange Board of India (Sebi) for the Initial Public Offer (IPO) of its research arm, Syngene.

“Under the proposed issue, shares will be offered through an offer for sale (OFS) route by Biocon Limited upto 22 million equity shares of face value of Rs 10 each for cash and at such premium as may be determined. The offer includes a reservation of 2 million equity shares for Biocon shareholders," it said in a BSE filing.

On Thursday, the stock opened at Rs 453 on the BSE and touched a high of Rs 455.5 and a low of Rs 449 till 9:50am.