Biocon scales fresh high after plans of bonus issue

Biocon jumped 8.44% to Rs 1,155.90 at 10:15 IST on BSE after the company said that its board of directors will consider bonus issue of shares at a meeting scheduled on Thursday, 27 April 2017.

The announcement was made after market hours yesterday, 24 April 2017.

Meanwhile, the S&P BSE Sensex was up 143.16 points, or 0.48% to 29,799.

High volumes were witnessed on the counter. On the BSE, 1.73 lakh shares were traded in the counter so far, compared with average daily volumes of 50,291 shares in the past one quarter.

The stock had hit a high of Rs 1,168 in intraday trade, which is also a record high for the counter. The stock had hit a low of Rs 1,103 so far during the day. The stock had hit a 52-week low of Rs 547.15 on 21 April 2016.

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

On a consolidated basis, net profit of Biocon rose 64.6% to Rs 171.30 crore on 29.6% rise in net sales to Rs 1022.50 crore in Q3 December 2016 over Q3 December 2015.

The company will announce its Q4 results on 27 April 2017.

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

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