Following the board's approval of raising up to Rs 4,500 crore in one or more tranches through the issuance of securities through rights issues, qualified institutional placements, or other authorized channels, Biocon shares were in the spotlight on Thursday.

The board authorized increasing the authorized share capital from Rs 625 crore to Rs 700 crore in addition to changing the capital clause in the company's memorandum of association.

Both proposals are subject to shareholder and regulatory approval, and the company will use a postal ballot to ask shareholders if they approve them.

Biocon's Q3 earnings

In the third quarter of FY25, Biocon's consolidated net profit dropped from Rs 660 crore to Rs 25.10 crore, a 96.2% decrease from the previous year. Net sales, however, rose 6.3% to Rs 3,773 crore.

Biocon share price target

Trendlyne data shows that the average target price for the stock is Rs 381, representing a 13% increase over current market prices. 'Buy' is the consensus recommendation of 19 analysts for the stock.

Neutral momentum is indicated by the Relative Strength Index (RSI), which is currently at 52. A bearish trend is indicated by the Moving Average Convergence Divergence (MACD), which is at -3.2, below the center line.

Shares of Biocon are currently trading below the 50-, 100-, 150-, and 200-day simple moving averages (SMAs), but above their 5-, 10-, 20-, and 30-day SMAs.

Biocon's share price performance

The previous session saw Biocon shares close 0.6% higher at Rs 335.8. The stock has fallen 15% in the last three months after rising 47% in the previous two years. The market value of the business is Rs 40,322 crore.