Healthcare stocks are trading strong with Biocon Ltd and Ranbaxy Lab being the leading gainers. However, Dr Reddy's Lab continued to trade weak. According to a leading financial daily, Biotechnology major Biocon plans to spend 10% of its annual biopharma revenue on research and development in the next fiscal year. The company, which is pursuing R&D in both novel biologics as well as biosimilars (generic versions of biologic drugs), in various stages of trials, had spent around Rs 1.31bn on R&D in the previous fiscal year which was 6% of the biopharma sales. The stock opened at Rs 415 and is trading up by 2.34% on BSE.
Majority of the auto ancillary stocks are trading in the green with Amara Raja Batteries and Sona Koyo Steer being the leading winners. Battery manufacturer Exide Industries declared December quarter results for the year ending 2015. Net sales during the quarter were up by 19.7% YoY. The EBITDA margins improved by approx 70 bps leading to increase in the operating profits by 18.6% YoY. On the bottom line, the company has reported a 25.42% YoY growth in its net profit for the quarter.