Bangalore-based Biotech major, Biocon Limited has informed that the members at the Annual General Meeting of the Company has finally approved the issue of Bonus Shares in the ratio of one fully paid equity share for every equity share held in the Company.

Further the company has announced that the Board has fixed September 12, 2008 as the record date for determining the eligibility and other conditions pursuant to the aforesaid approval by the members.

Last month, Biocon launched the drug Abraxane in India as a single use 100 mg vial, which is used in the treatment of breast cancer.

The company for the first time has reported a 72% decline in net profit at Rs 15 crore for the first-quarter (Q1) ended June 30, 2008 as compared to Rs 53 crore reported in the corresponding quarter of last year.

The stock has corrected over 35 per cent in 2008, under-performing the broader indices and now trades at Rs 405, up 5% compared to its previous close. Traders with short-term perspective can buy the stock with a price target of 440, while maintaining stop-loss at Rs 390.