Biocon buys 26% stake in Hinduja Renewables, stock declined by 3.24%

Biocon signed an acquisition deal with Hinduja Renewables Two Private Limited for a cash consideration of Rs 5.91 crore in one or more tranches. It is aiming to complete its acquisition by December 15, 2020.

On 25 September 2020, HRTPL engaged in the business of power generation and will develop a 19.77 MW wind power plant at Raichur District of Karnataka. As the company is recently incorporated, it has no turnover as of date.

Biocon is an innovation-led global biopharmaceutical company that is committed to enhancing affordable access to complex therapies for regular conditions like diabetes and autoimmune.

The company’s consolidated net profit fell by 23% to Rs 195.4 crore on an 11.33% rise in net profit sales for Rs 1744.8 crores in the second quarter of 2020.

The stock declined by 3.24% in five past sessions to end at Rs 419.9 yesterday. It recently closed at a high of Rs 433.95, which was recorded on 14th November 2020.

On a year-to-date basis, the stock has gained 43.89% while the benchmark S&P BSE Sensex has added 7.57% during the same period.

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