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Shares of Bangalore-based biotechnology firm Biocon today ended 9% higher on speculation that the company is slated to announce a major drug discovery.
During the intra-day trade, shares of the company rose as much as 13%, the most since its listing in April 2004.
"Stock has run up on speculation that company will make “some positive” data announcement related to oral insulin drug it is developing, KR Choksey Shares, analyst, Hitesh Mahida said to Bloomberg in phone interview.
“We would not like to comment on market speculation,” Biocon spokeswoman Seema Ahuja said in e-mail to Bloomberg.
Shares of the company closed at Rs 496.1, up Rs 41.50, or 9.13% on BSE.
