Morgan Stanley upgrades Biocon ahead of April-June earnings

Reuters Market Eye - Morgan Stanley upgrades Biocon Ltd to "overweight" from "equal-weight" and raises its target price to 392 rupees from 283 rupees, citing improving base business, progress in the bio-similar platform and inexpensive valuations.

"Biocon has made good progress in Phase III clinical trials for human insulin for EU markets. The company targets a dossier filing in the next few months," Morgan Stanley said in a report.

Also on watch, company to report its June-quarter results on Thursday.

Shares in Biocon are up 2.7 percent to 314 rupees at 11 a.m.

(Reporting by Abhishek Vishnoi)