Buy Biocon With Target Of Rs 394

Buy Biocon With Target Of Rs 394Technical analyst D Prasad maintained 'buy' rating on Biocon Industries Limited stock to achieve a target of Rs 394.

According to analyst, the stock can be purchased above Rs 381 with a stop loss of Rs 373.

The stock of the company, on January 19, closed at Rs 377.50 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 464.60 and a low of Rs 256 on BSE.

Current EPS & P/E ratio stood at 16.37 and 23.70 respectively.

Biocon has announced its outcomes for the three month period ended December 2010.

Indian biotechnology firm has recorded a growth of 24.85% in its consolidated net profit, which stood at Rs 101 crore as compared to Rs 80.9 crore in the same period of 2009.

Company's consolidated net sales climbed 14.65% to Rs 728 crore as against Rs 635 crore during the same period of 2009.

Consolidated EBIDTA margin of the company stood at 23.3% during the third quarter.

Biocon stated that the tests carried out for its experimental oral insulin, IN-105, have not met their primary end point. However, Biocon is optimistic on continuing its progression with an international partner.