HSBC maintains Overweight rating on Biocon

HSBC has maintained its Overweight rating on Biocon Limited in its recent company report dated January 25, 2013.

The report mentioned that Biocon has posted net profit of INR918m which is largely in-line, driven by strong momentum in biopharma and contract research business.

HSBC feels the R&D programs progress is in-line and regulatory filing for biosimilar rh-insulin will be key catalyst in near-medium term.

HSBC remains Overweight (OW) and roll forward its TP to Dec-13 from Sep-13. The TP remains unchanged at INR310.

Source : Equity Bulls

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