Biocon Shares Trim Most Of Early Gains, End Flat Amid Profit-taking

Shares of Biocon trimmed most of their early gains and ended flat on Wednesday amid profit-taking.

During the early trade, the stock climbed nearly 8 per cent after the biotechnology major's consolidated net profit increased 31 per cent for the March quarter.

The stock gained 7.12 per cent to Rs 259.50 during the day on the BSE but failed to hold on to the momentum and ended flat. It settled at Rs 243 apiece, marginally up 0.31 pe cent.

On the NSE, the stock settled at Rs 242.95 per share, a gain of 0.33 per cent after rallying 7.61 per cent to Rs 260.60 during the day.

In volume terms, 18.97 lakh shares of the company were traded on the BSE and over 1.77 crore shares on the NSE during the day.

On Tuesday, Biocon said its consolidated net profit increased 31 per cent to Rs 313 crore for the March quarter on the back of robust sales.

The company had reported a net profit of Rs 239 crore in January-March 2021-22.

Total revenue increased to Rs 3,929 crore in the fourth quarter as against Rs 2,476 crore in the year-ago period, Biocon said in a statement.

For the year ended March 31, 2023, the company reported a consolidated net profit of Rs 463 crore as against Rs 648 crore in 2021-22.

Total revenue, however, increased to Rs 11,550 crore as compared with Rs 8,397 crore in FY22.

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