Biocon inches ahead after setting record date for bonus

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Biocon rose 0.48% to Rs 385.05 at 12:56 IST on BSE after the company said its board has fixed 12 September 2008 as the record date for issue of bonus shares in the ratio of 1:1.


The company announced the record date for bonus issue during trading hours today, 12 August 2008.

.. On BSE, 14,361 lakh shares were traded in the counter. The scrip had an average daily volume of 48,473 shares in the past one quarter.

The stock hit a high of Rs 387.85 and a low of Rs 379.05 so far during the day. The stock had hit a 52-week high of Rs 663.30 on 15 November 2007 and a 52-week low of Rs 336 on 18 July 2008.

The mid-cap company had underperformed the market over the past one month till 11 August 2008, declining 3.46% compared to the Sensex's return of 15.10%. It had also underperformed the market in the past one quarter, declining 18.46% compared to Sensex's decline of 7.37%.

The company has an equity capital of Rs 50 crore. Face value per share is Rs 5.

The current price of Rs 385.05 discounts its Q1 June 2008 annualised EPS of Rs 12, by a PE multiple of 9.56.

In July 2008, Biocon formed an alliance with Abraxis Bio Science of United States for the launch of Abraxane, an oncotherapeutic drug for the treatment of breast cancer in India.

In June 2008, the company launched two pre-filled syringes ERYPRO Safe and NUFIL Safe in collaboration with US based Safety Syringes Inc.

Biocon's net profit fell 33.1% to Rs 30.01 crore on 2.7% fall in net sales to Rs 221.18 crore in Q1 June 2008 over Q1 June 2007.

Biocon is India's leading biotechnology enterprise. Over the past 28 years, it has evolved from an enzyme manufacturing company to a fully integrated biopharmaceutical enterprise, focused on healthcare

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