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Biocon rises on buzz investors eye stake in subsidiary
21-Aug-19   14:19 Hrs IST

According to reports, Singapore's investment company Temasek and private equity fund True North along with Canadian Pension Plan Investment Board (CPPIB) are separately in discussions to invest $300 million in Biocon Biologics India (BBIL) for a minority stake. BBIL is a wholly owned subsidiary of Biocon.

Reports added that BBIL may be valued upwards of $4 billion (Rs 28,000 crore), which is higher than Biocon's current market cap of Rs 26,664 crore.

On a consolidated basis, Biocon's net profit rose 72.3% to Rs 206.30 crore on a 30.4% increase in net sales to Rs 1465.90 crore in Q1 June 2019 over Q1 June 2018.

On the BSE, 2.12 lakh shares were traded in the Biocon counter so far compared with average daily volumes of 2.09 lakh shares in the past two weeks. The scrip has underperformed the market in past one year, down 27.74% as against Sensex's 2.48% fall.

Biocon is a fully integrated, innovation-led global bio-pharmaceuticals company.

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