Biocon rose 4.51% to Rs 412.15 at 10:10 IST on BSE after the company said its facility has been cleared by the US drug regulator after an inspection.
The announcement was made before trading hours today, 20 November 2017.Meanwhile, the S&P BSE Sensex was up 5.10 points, or 0.02% to 33,347.90.
On the BSE, 2.39 lakh shares were traded in the counter so far, compared with average daily volumes of 2.54 lakh shares in the past one quarter. The stock had hit a high of Rs 419.75 and a low of Rs 408 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 278.79 on 22 November 2016.
The stock had outperformed the market over the past one month till 17 November 2017, rising 4.70% compared with 2.94% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 19.99% as against Sensex's 5.77% rise. The scrip had also outperformed the market in past one year, rising 35.74% as against Sensex's 27.50% rise.
The large-cap company has equity capital of Rs 300 crore. Face value per share is Rs 5.
Biocon confirmed that the US Food and Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) in relation to the cGMP (current Good Manufacturing Practice) inspection of the company's aseptic drug product facility that was audited between 25 May 2017 and 3 June 2017. The USFDA has classified the outcome of this inspection as VAI (voluntary action indicated) and the EIR states that the inspection is closed.
Biocon's consolidated net profit fell 53.1% to Rs 68.80 crore on 2.4% increase in net sales to Rs 968.60 crore in Q2 September 2017 over Q2 September 2016.
Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.
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