Biocon gains after reporting good Q3 results

Biocon rose 0.96% to Rs 487.60 at 11:40 IST on BSE after the company's consolidated net profit rose 13.31% to Rs 103 crore on 9.89% growth in total income to Rs 856.10 crore in Q3 December 2015 over Q3 December 2014.

The result was announced by the company before market hours today, 22 January 2016.

Meanwhile, the BSE Sensex was up 424.90 points, or 1.77%, to 24,387.11.

On BSE, so far 68,324 shares were traded in the counter as against average daily volume of 62,658 shares in the past one quarter. The stock hit high of Rs 494 and low of Rs 476 so far during the trading session. The scrip had hit 52-week high of Rs 544 on 5 January 2016. The scrip had hit 52-week low of Rs 396.50 on 25 August 2015. The stock had outperformed the market over the past one month till 21 January 2016, declining 0.22% compared with 6.89% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 6.81% as against Sensex's 12.19% fall.

The large-cap company has an equity capital of Rs 100 crore. Face value per share is Rs 5.

Biocon's EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved to 24% in Q3 December 2015 from 22% in Q3 December 2014.

Commenting on the quarterly performance, Chairperson and Managing Director, Kiran Mazumdar-Shaw stated that Biocon's four most advanced biosimilar and generic insulin programs, Insulin Glargine, Trastuzumab, Pegfilgrastim and Adalimumab, continue to cross critical clinical milestones and are on track for regulatory filings in US & Europe in the year ending 31 March 2016 (FY 2016). These filings are likely to provide an early mover advantage in an addressable $30 billion market, she said.

Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.

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