Sell Biocon, target of Rs 394: IIFL

IIFL has recommended a sell rating on Biocon with a target price of Rs 394 in its July 11, 2008 research report. "FY08 was a difficult year for Biocon, with the rupee’s appreciation, regulatory intervention in sales of fixed-dose combination (FDC) drugs, and continued slowdown in sales of statins. The current situation suggests that none of these problems are likely to be resolved any time soon: forward contracts on the dollar negate any gains from the rupee’s recent depreciation; and it is likely to take a while for FDCs to re-enter the market. Sell target of Rs 394," says IIFL's research report.

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