Biocon gains as board to mull bonus issue

Biocon rose 1.48% to Rs 616.75 at 9:23 IST on BSE after the company said it board will consider issuing bonus shares at its meeting scheduled on 25 April 2019.

The announcement was made after market hours yesterday, 22 April 2019.

Meanwhile, the S&P BSE Sensex was up 165.90 points, or 0.43% to 38,811.08.

On the BSE, 34,000 shares were traded in the counter so far compared with average daily volumes of 67,000 shares in the past two weeks. The stock had hit a high of Rs 620.05 and a low of Rs 612 so far during the day. The stock hit a 52-week high of Rs 718.35 on 26 September 2018. The stock hit a 52-week low of Rs 543.80 on 26 July 2018.

Biocon said that its board of directors will consider and recommend a proposal for dividend and issue of bonus shares at the scheduled meeting on 25 April 2019. The board will also consider and approve the audited financial results of the company for the year ended 31 March 2019 amongst other routine matters.

On a consolidated basis, net profit of Biocon rose 136.34% to Rs 217.20 crore on 45.65% rise in net sales to Rs 1540.80 crore in Q3 December 2018 over Q3 December 2017.

Biocon is a biopharmaceutical company.

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