Biocon Ltd. share price rose despite bleak third quarter performance. The company's consolidated net profit plunged 96.2% to Rs 25.1 crore from Rs 660 crore.
Biocon's operating profit declined 18.9% on the year to 752 crore versus Rs 927 crore. Its margin fell to 19.7% in the third quarter from 23.4% in the corresponding period of previous financial year.
It reported that its consolidated revenue declined 3.4% on the year to Rs 3,821 crore during October-December period from Rs 3,954 crore. The figure also below Bloomberg's estimate of Rs 3,938 crore.
Biocon share price rose 3.89% to Rs 370.90 apiece. It was trading 1.90% higher at Rs 363.80 apiece as of 9:45 a.m. as compared to 0.48% advance in the NSE Nifty 50 index.
The stock rose 35.43% in 12 months. Total traded volume so far in the day stood at 4.2 times its 30-day average. The relative strength index was at 45.66.
Out of 18 analysts tracking the company, 10 maintain a 'buy' rating, three recommend a 'hold,' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 1.8%.
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