Biocon Q2 net beats estimates, shares rise

MUMBAI Wed Oct 31, 2012 12:40pm IST

Kiran Mazumdar-Shaw, chairman and managing director of Biocon Ltd., speaks during a news conference in Bangalore March 8, 2007. REUTERS/Jagadeesh Nv/Files

Kiran Mazumdar-Shaw, chairman and managing director of Biocon Ltd., speaks during a news conference in Bangalore March 8, 2007.

Credit: Reuters/Jagadeesh Nv/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - Biocon(BION.NS), 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 900 million rupees in the fiscal second quarter ended September from 860 million rupees a year earlier. Revenue rose 19.3 percent to 6.42 billion rupees.

Analysts, on an average, had estimated net profit at 863.7 million rupees, 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 drugmaker's research services unit Syngene for 1.25 billion rupees.

"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 $958.58 million, shares in Biocon were up 1.4 pct as of 11:39 a.m.

(Reporting by Kaustubh Kulkarni in MUMBAI; Editing by Anupama Dwivedi)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Xi's South Asia Visit

REUTERS SHOWCASE

Economic Pulse

Economic Pulse

Weak industry and stubborn inflation hinder India's economic recovery.  Full Article 

Lipitor Lawsuit

Lipitor Lawsuit

Pfizer, Ranbaxy win dismissal of lawsuit over generic Lipitor.  Full Article 

Losing Glitter

Losing Glitter

India's love affair with gold may be over, as prices slide.  Full Article 

Factory Data

Factory Data

China Aug factory output growth near six-year low.  Full Article 

New Ford Models

New Ford Models

Ford to launch four new car models in India over 18-20 months.  Full Article 

Sales Forecast

Sales Forecast

Honda India two-wheeler unit sees FY15 sales rising more than a fifth.  Full Article 

Dispute Resolved

Dispute Resolved

Airbus gets Qatar A380 okay, but questions on A320 test.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage