Biocon rises over 3% as biotech major sees strong Dec qtr numbers
Notwithstanding the muted broader market trend, shares of Biocon Ltd surged over 3 per cent on Friday after the biotechnology major reported strong December quarter earnings.
On BSE, the stock opened at Rs 363, then touched a high of Rs 382.45, registering a gain of 5.09 per cent over its last close. The stock finally ended at Rs 376.60, up 3.49 per cent.
In a similar trend on NSE, the stock opened at Rs 364.00, then jumped 5.02 per cent and touched an early high of Rs 382.50 in initial deals. It finally settled at Rs 376.45, up 3.36 per cent.
On Thursday, biotechnology major Biocon Ltd reported a 17.68 per cent rise in consolidated net profit at Rs 219.6 crore for the third quarter ended December 31, 2021. The company had posted a consolidated net profit of Rs 186.6 crore in the same quarter of the previous fiscal.
Consolidated total income in the third quarter this fiscal stood at Rs 2,222.5 crore, compared to Rs 1,885.3 crore a year ago.
The biosimilars vertical clocked revenue of Rs 981.4 crore, compared to Rs 768.9 crore in the same quarter last fiscal, while the generics segment had a revenue of Rs 607.4 crore, against Rs 567.1 crore earlier, the company said.
The company further said its research services registered a revenue of Rs 641.4 crore in the third quarter against Rs 584.5 crore in the same period last fiscal.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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