Sell Biocon, target price Rs 390: ICICI Direct

Sell Biocon, target price Rs 390:  ICICI Direct

ICICI Direct has sell call on with a target price of Rs 390. The current market price of Biocon Ltd. is Rs 393.7.

Biocon Ltd., incorporated in the year 1978, is a Large Cap company (having a market cap of Rs 47982.00 Crore) operating in Pharmaceuticals sector.

For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 1878.90 Crore, up 6.74 % from last quarter. Total Income of Rs 1760.30 Crore and up 5.33 % from last year same quarter Total Income of Rs 1783.90 Crore. Company reported net profit after tax of Rs 187.40 Crore in latest quarter.

Investment Rationale
Price reacting lower after facing resistance at previous breakdown area & sustaining below 20 day EMA.

Promoter/FII Holdings
Promoters held 60.67 per cent stake in the company as of March 31, 2020, while FIIs held 14.98 per cent, DIIs 7.32 and public and others 17.03 per cent.

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