Biocon rises 4% as domestic, foreign firms eye stake in subsidiary

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On July 25, Biocon reported an 86 percent year-on-year (YoY) jump in net profit at Rs 223 crore for the quarter ended June.




Shares of biotechnology firm Biocon climbed almost 4 percent intraday on August 21 and looked on course to extend the gains into the second session in a row, buoyed by reports that some domestic, as well as foreign firms, are eyeing a stake in company's subsidiary Biocon Biologics India.

"Singapore’s investment company Temasek and homegrown private equity fund True North along with Canadian Pension Plan Investment Board (CPPIB) are separately in discussions to invest $300 million for a minority stake in Biocon Biologics India," the Economic Times reported, quoting sources.

Around 1155 hours, shares of Biocon traded 2.29 percent higher at Rs 223.25 on BSE.

On July 25, Biocon reported an 86 percent year-on-year (YoY) jump in net profit at Rs 223 crore for the quarter ended June led by growth of biosimilars and small molecules businesses.

The company reported a net profit of Rs 120 crore in the year-ago period.

Total revenue for the quarter grew 25 percent to Rs 1,466 crore.


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