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
- 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 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.
#BioconFY20 Revenue Up 15% at Rs 6,529 Cr; led by a strong performance by #Biologics which grew by 29%, Small Molec… https://t.co/KSu15NEDTG— Biocon (@Bioconlimited) 1589508383000
“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 firm||Market Value||Percentage of portfolio||Shares|
|Baroda Asset Management India Limited||19.6 Crore||1.04%||555,000|
|BOI AXA Investment Managers Private Limited||2.5 Crore||0.27%||71,365|
|L&T Investment Management Limited||10.4 Crore||0.04%||295,283|
|Tata Asset Management Limited||13.9 Crore||0.07%||393,300|
|Quant Money Managers Limited||2.37 Crore||6.46%||66,890|
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