Biotechnology firm Biocon’s stock closed today with a surge of over 9 per cent, triggered by the company’s announcement about plans to consider bonus shares. Shares of the company jumped 9.35 per cent to end at Rs 1,165.60 on the BSE. During the day, it soared 11.45 per cent to Rs 1,188 — its 52-week high.
On the NSE, stock rose sharply by 9.37 per cent to close at Rs 1,165.45. Helped by the gain in stock price, the company added Rs 1,994 crore to Rs 23,312 crore in its market valuation. On the volume front, 5.57 lakh shares of the company were traded on the BSE and over 49 lakh shares changed hands on the NSE during the day.
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In a filing to the BSE yesterday, the company said, “We wish to inform you that consideration and recommendation to issue bonus shares forms part of the agenda of the meeting of Board of Directors of the company scheduled on Thursday, April 27, 2017.”