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Biocon undertakes bonus issue of 2:1 & recommends dividend

The biopharmaceutical player Biocon Ltd.,has recommended issue of bonus shares in the proportion of 2:1 i.e. 2 bonus equity shares of Rs 5 each for every 1 fully paid up equity share, each held on record date.
The record date for reckoning eligible shareholders, entitled to receive bonus shares, will be informed to the respective stock exchanges.(bonaz captial)
The estimated date is within 2 months from the date of the meeting, held on April 27, 2017 to June 26, 2017.
The company has also recommended a final dividend of Rs 3 per equity share of face value of Rs 5 per share (pre-bonus issue) for the financial year ended on March 31, 2017.
Biocon Limited is a biopharmaceutical company, focusing on reducing therapy costs of chronic diseases like autoimmune, diabetes and cancer. Through its products and research services it is enabling access to affordable healthcare for patients, partners and healthcare systems across the globe.
Stock view:
Biocon Ltd is currently trading at Rs 1105.85, down by Rs 13.75 or 1.23% from its previous closing of Rs 1119.6 on the BSE.
The scrip opened at Rs 1099 and has touched a high and low of Rs 1124.1 and Rs 1083.75 respectively. So far 1230202(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 22392 crore.
The BSE group ‘A’ stock of face value Rs 5 has touched a 52 week high of Rs 1188 on 25-Apr-2017 and a 52 week low of Rs 564.75 on 27-Apr-2016. Last one week high and low of the scrip stood at Rs 1188 and Rs 1055.15 respectively.
The promoters holding in the company stood at 60.68 % while Institutions and Non-Institutions held 21.43 % and 16.12 % respectively.
The stock is currently trading below its 50 DMA.