Biocon rose 3.46% to Rs 346.75 at 10:36 IST on BSE after the company said that its insulin facility in Malaysia received compliance certificate.
The announcement was made after market hours yesterday, 7 September 2017.Meanwhile, the S&P BSE Sensex was up 49.03 points, or 0.15% to 31,711.77.
On the BSE, 2.56 lakh shares were traded in the counter so far, compared with average daily volumes of 4.43 lakh shares in the past one quarter. The stock had hit a high of Rs 353 and a low of Rs 345.95 so far during the day. The stock hit a record high of Rs 424.15 on 19 July 2017. The stock hit a 52-week low of Rs 267.57 on 9 November 2016.
The stock had underperformed the market over the past one month till 7 September 2017, falling 1.25% compared with 0.42% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 1.66% as against Sensex's 1.28% rise. The scrip had underperformed the market in past one year, rising 8.31% as against Sensex's 9.01% rise.
The large-cap company has equity capital of Rs 300 crore. Face value per share is Rs 5.
Biocon said its subsidiary in Malaysia, Biocon Sdn. Bhd., received a certificate of 'GMP (Good Manufacturing Practice) Compliance' for its Insulins manufacturing facility by the HPRA (Ireland) as the representative European inspection authority. The certificate of GMP compliance reflects that the agency considered the site to be in compliance with the principles and guidelines of Good Manufacturing Practices for active substances, sterile drug products and quality control testing operations. Biocon's Malaysia facility was inspected by the EMA (European Medicines Agency) in April 2017.
Biocon Sdn. Bhd. (Biocon Malaysia) is one of Asia's largest integrated insulins manufacturing facilities, set up with an investment of about $275 million, at the BioXcell Biotech Park in Johor, Malaysia. This is the first overseas biopharma manufacturing & research facility of Biocon and it employs over 600 professionals. The facility is designed to manufacture recombinant human insulin and insulin analogs to cater to the needs of people with diabetes in global markets.
On a consolidated basis, net profit of Biocon declined 51.2% to Rs 81.30 crore on 5.6% decline in net sales to Rs 927.40 crore in Q1 June 2017 over Q1 June 2016.
Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.
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