Biocon Ltd has clarified with reference to the news item appearing in a leading financial daily titled "Biocon to hive off R&D into new co", that with a view to achieve greater focus on its research programmers and as part of its normal operational activities, is proposing to set up a new R&D entity for discovery and innovative drug development initiatives. The creation of the new entity is under way and further modalities are being worked out.
Further, as reported in the said article, the proposal of setting up of a Greenfield formulations facility is part of the future expansion plans of the Company. The Company is yet to firm up its investment plans in terms of size and the time period for the said project.
The stock closed the day at Rs.374.35, down by Rs.5.10 or 1.34%. The stock hit an intraday high of Rs.396 and low of Rs.370.
The total traded quantity was 67596 compared to 2 week average of 29664.
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