Biocon rose 1% to Rs 416.15 at 10:20 IST on BSE after the company announced that its partner Mylan has resubmitted the biosimilar trastuzumab and pegfilgrastim dossiers with the European Medicines Agency.
The announcement was made before market hours today, 7 November 2017.Meanwhile, the S&P BSE Sensex was down 54.16 points, or 0.16% to 33,677.03.
On the BSE, 1.26 lakh shares were traded in the counter so far, compared with average daily volumes of 2.85 lakh shares in the past one quarter. The stock had hit a high of Rs 421 and a low of Rs 405.65 so far during the day. The stock had hit a record high of Rs 424.15 on 19 July 2017. The stock had hit a 52-week low of Rs 267.83 on 9 November 2016.
The stock has gained 15.79% in five sessions to its ruling price, from a close of Rs 359.40 on 31 October 2017.
The stock had outperformed the market over the past one month till 6 November 2017, gaining 17.85% compared with 6.03% gains in the Sensex. The scrip had also outperformed the market in the past one quarter, rising 15.31% as against Sensex's 4.35% rise. The scrip had also outperformed the market in the past one year, surging 40.92% as against Sensex's 23.67% rise.
The large-cap company has equity capital of Rs 300 crore. Face value per share is Rs 5.
Biocon said that its partner Mylan has resubmitted the marketing authorization applications for their proposed biosimilar trastuzumab and pegfilgrastim with the European Medicines Agency as per the administrative protocol.
This follows the earlier withdrawal of both applications in response to the audit of the company's aseptic drug product facility by the designated European authority. Biocon has completed the corrective and preventive actions, including the facility modifications, in response to the audit observations and expects these to be verified during re-inspection.
Biocon's consolidated net profit fell 53.1% to Rs 68.80 crore on 2.4% increase in net sales to Rs 968.60 crore in Q2 September 2017 over Q2 September 2016.
Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
