Shares of Biocon to hit fresh 52-week high post Q2 results 

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Shares of Biocon rose nearly 4% in Friday morning to hit a fresh 52 week high of Rs. 1018 on BSE, after the biotech major reported a 52% rise in net profit over last year for the ended Sept. 30, led by growth in small molecules, biologics and research service segments.  This is after excluding the impact of exceptional items due to IND AS adjustment to Q2 numbers in the last financial year. Biocon had posted a net profit of Rs. 97 cr for the same period of last fiscal.

In the morning session 9.45 am, shares of Biocon were trading 3.9% higher at Rs. 1018.45, hitting a low of Rs. 978 and a 52-week high of Rs. 1018.80 in the first 30 minutes of trade.  Biocon’s total revenue rose 21% to Rs 992 cr, from Rs. 819 cr during the 2Q of the previous financial year, It announced on the BSE website.