INSUBCONTINENT EXCLUSIVE:
Citigroup has buy rating on Biocon in the long term with a target price of Rs 350
The stock ended flat at Rs 285.90 on Tuesday while BSE Sensex closed 126.72 points down at 40,675.45.
Company FinancialsFor the quarter
ended 30-09-2019, the company has reported consolidated sales of Rs 1572.20 crore, up 7.25% from last quarter sales of Rs 1465.90 crore and
up 19.02% from last year same quarter sales of Rs 1321.00 crore
The company has reported net profit after tax of Rs 263.20 crore in the latest quarter
Mr.Kiran Mazumdar Shaw, Mr.M Damodaran, Mr.Mary Harney, Mr.Russel Walls, Prof.Ravi Mazumdar
As on 30-09-2019, the company has a total of 1,200,000,000 shares outstanding.
Investment RationaleCiti gave the buy rating after the
company and Mylan announced launch of Ogivri in the US
and the first to launch both strengths of biosimilar Trastuzumab, the brokerage said.