Biocon falls 3% after approving Rs 4,500 crore fundraise

Biocon shares fell 2.9% to their day’s low of Rs 326.15 on the BSE on Thursday after the board approved raising up to Rs 4,500 crore through the issue of securities via qualified institutional placements, rights issues, or other permitted routes, in one or more tranches.

The board also approved an increase in the company’s authorised share capital from Rs 625 crore to Rs 700 crore, along with a related amendment to the capital clause in its Memorandum of Association.

Both proposals are subject to shareholder and regulatory approvals, and the company will seek shareholder consent through a postal ballot.

Biocon, a Bengaluru-based biopharmaceutical company, manufactures generic active pharmaceutical ingredients and biosimilars, and operates across domestic and global markets.

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Biocon Q3 earnings

Biocon’s consolidated net profit fell sharply by 96.2% to Rs 25.10 crore in Q3 FY25, compared to Rs 660 crore in the year-ago quarter. However, net sales rose 6.3% to Rs 3,773 crore.

Biocon shares price target


As per Trendlyne data, the average target price of the stock is Rs 381, which indicates an upside of 13% from the current market prices. The consensus recommendation from 19 analysts for the stock is a 'Buy'.

The Relative Strength Index (RSI) stands at 52, indicating neutral momentum. The Moving Average Convergence Divergence (MACD) is at -3.2, below its center line—a bearish signal.

Biocon shares are currently trading above their 5-day, 10-day, 20-day, and 30-day simple moving averages (SMAs), but remain below the 50-day, 100-day, 150-day and 200-day SMAs.

Biocon shares price performance


In the previous session, Biocon shares closed 0.6% higher at Rs 335.8. The stock has declined 15% over the past three months but gained 47% over the last two years. The company’s market capitalisation stands at Rs 40,322 crore.

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