Biocon’s shares surged by 8% on Tuesday due to strong Q4 earnings growth. Net profit grew by 31% to INR 313 crore with 57% YoY growth in consolidated revenue from operations totaling INR 3,774 crore. Operating profit EBITDA surged 75% while gross spending on R&D rose by 53% to INR 356 crore. The biosimilars business stood out with revenue more than doubling on YoY basis to INR 2,102 crore. However, despite strong results, Biocon reportedly missed estimates, according to Motilal Oswal.
Positive Breakout: These 9 stocks cross above their 200 DMAs
In the Nifty500 pack, nine stocks’ close prices crossed above their 200 DMA (Daily Moving Averages) on July 21, according to stockedge.com’s technical scan data.