Biocon jumps nearly 16%; mcap up by Rs 2,144 cr post Q1 result

Shares of biotechnology major Biocon on Friday surged nearly 16 per cent after the company posted 17 per cent rise in net profit for the first quarter ended June.

The stock zoomed 15.28 per cent to settle at Rs 808.70 on BSE. During the day, it surged 17.60 per cent to Rs 825 -- its 52-week high.

At NSE, it soared 15.57 per cent to end at Rs 809.70.

The company added Rs 2,144 crore to Rs 16,174 crore in market valuation.

In terms of volume, 15.40 lakh shares of the company were traded at BSE and over one crore shares changed hands at NSE during the day.

Biocon yesterday posted a 17 per cent rise in net profit at Rs 147 crore for the first quarter ended June 30, on the back of robust growth in segments like biologics and branded formulations.

The Bangalore-based firm had posted a net profit of Rs 126 crore during the same period of previous fiscal.

Total revenue of the company rose to Rs 952 crore for the first quarter, as compared to Rs 857 crore during the same period of corresponding fiscal, Biocon had said in a statement.

"Our strong performance this quarter has been driven by an all- round growth of our business across small molecules, biologics, branded formulations and research services," Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said.