Biocon gives bonus surprise!
Biocon most surely sprung a surprise on everyone! The top gainer on the BSE currently, hitting a new high at Rs.1168, with some 5 times surge in volumes since opening bell, the stock is rocking today!
The reason for this new found infatuation is announcement yesterday, after market hours that the Board of the company will be meeting on 27th April to consider issue of bonus.
There was not even an inkling of this coming from the company and thus the market is taken in by a complete pleasant surprise.
The company had ended Q3FY17 on a very good note, Revenue was up 32% (YoY) at Rs.1092 crore and net profit was at Rs.171 crore, up by a very huge 65%.
Its equity currently is at Rs.100 crore and all eyes would now be on the ratio of the bonus shares.