Bangalore: IIFL is bullish on Biocon and has recommended buy rating on the stock with a target of Rs.390. According to IIFL, on the daily chart, Biocon has formed a rounding bottom pattern, after a three month consolidation period the Biocon stock has now turned bullish.
Biocon is a global biopharmaceutical company with products and research services ranging from pre-clinical to clinical development through to commercialization. In research services, Syngene International Limited (Syngene) is engaged in the business of custom research in drug discovery while the other fully owned subsidiary Clinigene International Limited (Clinigene) is in the clinical development space. In December 2009, Biocon acquired the the Active Pharma Ingredients (API) undertaking from IDL Speciality Chemicals, a subsidiary of Gulf Oil Corporation.
IIFL says since rounded bottom formation occurs at the end of downtrend, this suggests the stock is ready for an up move. For the fiscal third quarter ended December, Biocon reported a consolidated net profit of Rs.1.01 billion, up from Rs.809 million a year earlier. IIFL expects the stock to touch Rs.390 in the near term. With the recommended price of Rs.390, if the stock is bought at Friday's closing price of Rs.374.75, the percentage of gain would be 3.91 percent.
Biocon is a global biopharmaceutical company with products and research services ranging from pre-clinical to clinical development through to commercialization. In research services, Syngene International Limited (Syngene) is engaged in the business of custom research in drug discovery while the other fully owned subsidiary Clinigene International Limited (Clinigene) is in the clinical development space. In December 2009, Biocon acquired the the Active Pharma Ingredients (API) undertaking from IDL Speciality Chemicals, a subsidiary of Gulf Oil Corporation.
IIFL says since rounded bottom formation occurs at the end of downtrend, this suggests the stock is ready for an up move. For the fiscal third quarter ended December, Biocon reported a consolidated net profit of Rs.1.01 billion, up from Rs.809 million a year earlier. IIFL expects the stock to touch Rs.390 in the near term. With the recommended price of Rs.390, if the stock is bought at Friday's closing price of Rs.374.75, the percentage of gain would be 3.91 percent.
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