scorecardBiocon was a hot stock before the latest earnings— from Tata Asset Management to Baroda AMC, at least five mutual fund houses added it to their portfolio
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Biocon was a hot stock before the latest earnings— from Tata Asset Management to Baroda AMC, at least five mutual fund houses added it to their portfolio

Biocon was a hot stock before the latest earnings— from Tata Asset Management to Baroda AMC, at least five mutual fund houses added it to their portfolio
Stock Market3 min read
IANS

  • The shares of Indian pharmaceutical giant Biocon Limited dropped by over 4% to ₹ 321.5 on May 15, as the company’s profit declined by 42% in the fourth quarter ending March.
  • The net profit plummeted to ₹123.4 crore, compared to ₹ 213.7 crore during the same quarter last year.
  • However, at least five mutual funds invested in Biocon Limited in April, 2020.
The shares of Indian pharmaceutical giant Biocon Limited dropped by over 4% to ₹ 321.5 on May 15, as the company’s profit declined by 42% in the fourth quarter ending March 2020.

The biopharma major with a market value of over $5 billion blamed the COVID-19 crisis for the fall. The net profit plummeted over 42% to ₹123.4 crore compared to the same time last year. In fact, the company’s expenses incurred in research and development also went up by over a third to ₹125 crore year-on-year.


“We are dealing with unprecedented challenges related to COVID-19 and as a science-led company we are engaged in several initiatives spanning diagnostic tests, vaccines and therapies towards combating COVID-19, said Kiran Mazumdar-Shaw, Executive Chairperson.


However, Biocon was one of the better performing stocks in April, gaining more than 23% in the month. At least five asset management firms added Biocon to their mutual fund portfolio in that period.

Asset management firmMarket ValuePercentage of portfolioShares
Baroda Asset Management India Limited19.6 Crore1.04%555,000
BOI AXA Investment Managers Private Limited2.5 Crore0.27%71,365
L&T Investment Management Limited 10.4 Crore0.04%295,283
Tata Asset Management Limited 13.9 Crore0.07%393,300
Quant Money Managers Limited 2.37 Crore6.46%66,890

See also:
All the World Bank support that India has received since COVID-19 breakout

NASA is funding four research projects to figure out how COVID-19 will damage the world

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