Biocon gains on foreign brokerage upgrade

Biocon rose 1.65% to Rs 310.70 at 14:03 IST on BSE after a foreign brokerage upgraded the stock to overweight from equal-weight citing improving base business, progress in the bio-similar platform and inexpensive valuations.

Meanwhile, the BSE Sensex was up 83.74 points, or 0.42%, to 20,236.60

On BSE, 74,320 shares were traded in the counter as against an average daily volume of 42,642 shares in the past one quarter.

The stock hit a high of Rs 315 and a low of Rs 306.05 so far during the day. The stock had hit a 52-week high of Rs 321.50 on 16 November 2012. The stock had hit a 52-week low of Rs 230.50 on 30 July 2012.

The stock had outperformed the market over the past one month till 19 July 2013, rising 10.9% compared with the Sensex's 4.7% rise. The scrip had also outperformed the market in past one quarter, gaining 6.85% as against Sensex's 5.96% gain.

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

A foreign brokerage upgraded the Biocon stock to overweight from equal-weight citing improving base business, progress in the bio-similar platform and inexpensive valuations. The brokerage said that the company has made good progress in phase III clinical trials for human insulin for European Union markets and is targeting a dossier filing in the next few months.

Biocon's consolidated net profit surged 154.2% to Rs 248.61 crore on 36.7% rise in total income to Rs 850.84 crore in Q4 March 2013 over Q4 March 2012.

Biocon is India's premier biotechnology company with a strategic focus on biopharmaceuticals and research services.

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