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:

Reuters Showcase

Adani Restructuring

Adani Restructuring

Adani says to restructure business  Full Article 

Bank of Baroda

Bank of Baroda

Q3 net profit down 69 pct on higher provisions  Full Article 

Trading Fees

Trading Fees

BSE slashes fees in FX derivatives battle with NSE  Full Article 

SpiceJet Turnaround

SpiceJet Turnaround

SpiceJet board approves up to $243 mln share sale plan  Full Article 

Currency Market

Currency Market

RBI urges companies to hedge FX exposure  Full Article 

Uber's Woes

Uber's Woes

Delhi Uber passenger who alleges driver rape sues in U.S.  Full Article 

Banking Sector

Banking Sector

Banks say no room to cut lending rates, thwarting RBI easing  Full Article 

ICICI Results

ICICI Results

ICICI sets quarterly record profit as Q3 net rises 14 pct  Full Article 

Reuters Poll

Reuters Poll

RBI seen holding rates steady on Tuesday, minority of analysts expect cut  Full Article 

Reuters India Mobile

Reuters India Mobile

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