Buy Biocon, target price Rs 494: Yes Securities

Buy Biocon, target price Rs 494:  Yes Securities

Yes Securities has buy call on Biocon with a target price of Rs 494. The current market price of Biocon Ltd. is Rs 457.05.

Biocon Ltd., incorporated in the year 1978, is a Large Cap company (having a market cap of Rs 55974.00 Crore) operating in Pharmaceuticals sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 1744.80 Crore, up 4.40 % from last quarter Sales of Rs 1671.30 Crore and up 10.98 % from last year same quarter Sales of Rs 1572.20 Crore Company reported net profit after tax of Rs 200.40 Crore in latest quarter.

Investment Rationale
Holding ground above short-term averages, the stock has formed multiple lows between the Rs 450-455 zone. Consolidation phase seems to be in a mature phase and positive follow-through could resume prevailing uptrend.

Promoter/FII Holdings
Promoters held 60.67 per cent stake in the company as of March 31, 2020, while FIIs held 14.98 per cent, DIIs 7.32 and public and others 17.03 per cent.

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