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:
  • Most Popular
  • Most Shared

Reforms Plan

REUTERS SHOWCASE

Border Talks

Border Talks

India names Ajit Doval as special envoy for China border talks.  Full Article 

WTO Deal

WTO Deal

U.S. seeks to step up India trade talks  Full Article 

Phone Masts

Phone Masts

American Tower to buy Bharti Nigeria phone masts for $1.1 billion  Full Article 

Infrastructure Plan

Infrastructure Plan

India targets private cash to build railways to its ports.  Full Article 

Shadow Banking

Shadow Banking

Reserve Bank planning more measures for NBFCs.  Full Article 

Auto Sector

Auto Sector

Hyundai Motor, Kia Motors lift 2014 global sales target on China, emerging markets  Full Article 

Oil Prices

Oil Prices

Some fund managers see oil falling to $60 without OPEC cut.  Full Article 

Project Shelved

Project Shelved

Jindal Steel shelves $10 bln project after coal setback.  Full Article 

Market Eye

Market Eye

Sensex, Nifty rise to record after China, ECB stimulus boosts risk appetite.  Full Article 

Reuters India Mobile

Reuters India Mobile

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