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Stocks to watch include Welspun Corp, Biocon, Paytm, and Bajaj Healthcare, as they are currently in focus for investors. Stay updated with relevant content and transaction alerts through push notifications.
Narayana Murthy has purchased a luxury apartment for Rs 50 crore in Bengaluru's Kingfisher Towers from a Mumbai-based businessman. The transaction, facilitated by Sadhwani Real Estate Holdings, follows Sudha Murty's earlier purchase of a flat in the same building for Rs 29 crore. Kingfisher Towers is home to other notable residents, including Biocon’s Kiran Mazumdar-Shaw and Karnataka Minister KJ George's son, Rana George.
Biocon shares surged over 4% following the U.S. FDA's approval of Yesintek, a biosimilar to J&J's Stelara, for treating Crohn's disease, ulcerative colitis, plaque psoriasis, and psoriatic arthritis. The stock has risen 47% year-to-date, outperforming the Nifty 50's 11% increase. This marks the seventh consecutive day of gains for Biocon, which has a licensing agreement with Janssen to commercialize Yesintek in the U.S. by February 2025.
Biocon Ltd reported a 3.7% YoY revenue growth to Rs. 3,590cr in Q2FY25, driven by a 10.8% increase in its biosimilar segment, which reached Rs. 2,182cr. Despite a 7.7% decline in the generics segment due to pricing pressures, the company is optimistic about future growth, maintaining an Accumulate rating with a target price of Rs. 376.
Biocon's shares fell 5.5% following a significant 84% drop in net profit for Q2, which plummeted to Rs 27.1 crore from Rs 172 crore year-on-year. Despite a 4% increase in revenue to Rs 3,590.4 crore, the company's EBITDA margin decreased to 19%. Analysts remain optimistic for the second half of FY25, pending clarity on USFDA compliance for its facilities.
On October 31, stocks such as Larsen & Toubro, Biocon, Tata Power, DCM Shriram, Godavari Biorefineries, and Yatharth Hospital are in focus, alongside IRB Infrastructure Developers, Automotive Axles, Wipro, Adani Power, Allcargo Gati, and Torrent Pharmaceuticals. Additionally, Narayana Hrudayalaya, Tata Investment Corporation, BF Investment, BF Utilities, Last Mile Enterprises, Sonalis Consumer Products, and Sudarshan Pharma Industries are set to release their quarterly earnings today.
Biocon Biologics' drug substance facility in Bengaluru has been classified as "voluntary action indicated" by the US FDA following a cGMP inspection conducted from February 20-28, 2024. While objectionable conditions were noted, the agency is not recommending regulatory action. The facility supplies rh-Insulin to the United States, and Biocon remains committed to maintaining global quality and compliance standards.
Biocon Biologics has successfully priced its debut USD 800 million senior secured notes due 2029 at a 6.67% coupon, marking a significant milestone as the first USD bond issuance by a biopharmaceutical company in the Asia Pacific. The transaction, which is expected to settle on October 9, 2024, aims to refinance existing long-term debt of USD 1.1 billion, enhancing the company's financial flexibility and supporting its growth in the biosimilars market. The bond issuance received robust interest, with an oversubscription of over 3x, reflecting strong investor confidence in Biocon Biologics' credit profile and growth potential.
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