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 shares of Indian pharmaceutical giant Biocon Limited dropped by over 4% to ₹ 321.5 on May 15, as the company’s $4 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 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

See also:
$4

$4