January 25, 2018 / 5:02 AM / a month ago

BUZZ-India's Biocon falls on lower Q3 profit

** Biocon Ltd’s shares fall as much as 5.4 pct to 600.20 rupees, their biggest intraday pct loss since Oct. 27

** Nearly 3.2 mln shares change hands as of 0457 GMT, compared with the 30-day avg trading volume of about 2.5 mln shares

** Q3 profit plummets 46 pct to 919 mln rupees ($14.47 mln), hurt by an increase in costs related to Malaysia operations, Biocon said on Wednesday

** Commercialisation of Malaysian plant continued to put pressure on costs, while contraction in margins can be attributed to rise in raw material costs, Motilal Oswal analysts said in a note

** Sales in Oct-Dec were also muted due to decline in small molecules and biologics segments; maintains “neutral” rating - Motilal

** Nine of 23 brokerages rate the stock “buy” or higher, two “hold” and the rest “sell” or lower; their median PT is 515 rupees - Thomson Reuters Eikon data ($1 = 63.5200 Indian rupees)

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