Biocon Ltd

NSE :BIOCON   BSE :532523  Sector : Pharmaceuticals

About Company: Biocon is engaged in the business of manufacture of biotechnology products and research services. Has one of the largest biosimilar pipelines comprising 28 molecules to be launched over the next decade. Only Indian company to get FDA approval for 3 biosimilar molecules (Trastuzumab, Pegfilgrastim and Insulin Glargine)Aspires to reach $1bn revenues by FY22. Biologics division has been valued at $4.17bn as per the last fund raising round. Biocon plans to list this division separately.

News in Biocon Share: Shares of Biocon Ltd surged over 3.5 per cent on Friday after the biotechnology major reported strong December quarter earnings. On Thursday, biotechnology major Biocon Ltd reported a 17.68 per cent rise in consolidated net profit at Rs 219.6 crore for the third quarter ended December 31, 2021. The company had posted a consolidated net profit of Rs 186.6 crore in the same quarter of the previous fiscal. Consolidated total income in the third quarter this fiscal stood at Rs 2,222.5 crore, compared to Rs 1,885.3 crore a year ago.

Daily Chart of Biocon Ltd:

Technical Outlook Of Biocon Ltd:

On Friday 21st Jan 2022, Shares of Biocon Ltd Surged 3.54% and appreciated by Rs.12.90 per share. Stock closed at 377.10 on NSE. On the other hand Nifty fall by -140 Points Forming a Doji Candlestick pattern which is considered to be undecisive. Biocon has seen price appreciation in the falling market backed by good Quarterly numbers.

On the Daily Chart, We can observe that stock is on verge of trend line breakout. In the last trading session stock managed to close above 200 Exponential moving average which is considered to be a change in the trend. Volumes in the past 3 days are higher then usual. Relative Strength Index (RSI) has seen trendline breakout which is considered to be bullish for the stock.

As Biocon is trading above 200,100,50,20 Exponential Moving averages, Volumes in the past 3 Days are higher then usual and also stock on verge of Trendline breakout. Hence we recommend trader to Buy BIOCON at current market price around 370- 380. Expected Targets of the upside are 395 & 420 Stoploss should be maintained below 355.

Check More Analysis on BIOCON at: Biocon Ltd

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