Biocon Q2 net beats estimates, shares rise
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)
- Tweet this
- Share this
- Digg this
- UPDATE 11-Total CEO de Margerie killed in Moscow as jet hits snow plough
- Indiana police charge suspect who may have killed for decades
- Pistorius starts five-year term for killing Reeva Steenkamp
- Total CEO de Margerie killed in Moscow as jet hits snow plough
- UPDATE 3-Ocwen shares slide after NY finds backdated foreclosure letters
As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article