Biocon Ltd, in the pharma sector, witnessed a 40% decline from the December 2020 high but shows signs of a bullish trend. Traders are recommended to consider buying for target levels of 325-350. The daily Relative Strength Index (RSI) is at 65.0. RSI below 30 is oversold and above 70 is considered overbought, Trendlyne data showed.
Jefferies has downgraded the pharma stock Biocon to underperform from hold . However, Jefferies has maintained its target price of ₹250 for the stock, implying an 11 percent downside from its current market price of ₹281.50.
The company said the revenue growth was supported by income from the divesture of two non-core business assets of Biocon Biologics branded formulations India business amounting to Rs 350 crore and a gain of Rs 456 crore from Biocons stake dilution in Bicara Therapeutics.