Biocon, India's top listed biotech firm, beat expectations
with a 4.7 percent rise in quarterly net profit, sending its shares up over 3
percent on Wednesday.
The Bangalore-based company said consolidated net profit
rose to Rs 90 crore in the fiscal second quarter ended September from Rs 86
crore a year earlier. Revenue rose 19.3 percent to Rs 642 crore.
Analysts, on an average, had estimated net profit at Rs
86.37 crore, according to Thomson Reuters I/B/E/S.
Biocon also said GE Capital Corp would pick up a 7.7 percent
stake in the Indian drug maker’s research services unit Syngene for Rs 125
crore.
"This (investment) takes us closer to our commitment of
taking Syngene through an IPO (initial public offer) at the most opportune
time," Biocon Chairman Kiran Mazumdar-Shaw said in a statement.
The drugmaker announced positive results from the global
phase-III trials of its recombinant human insulin for type-1 diabetes mellitus
patients.
Valued at USD 958.58 million, shares in Biocon were up 1.4
percent as of 11:39 a.m.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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