Biocon to stay buoyant going forward: Mehraboon Irani

In a chat with ET Now Mehraboon Irani, Principal & Head-Private Client Group Business, Nirmal Bang Securities shares his views on Biocon. Excerpts:

ET Now: You have been absolutely right on Biocon, are you still holding onto Biocon?

Mehraboon Irani: Yes we are still holding onto it and in fact we are still buying into it. I do not follow technicals much, but even a technical analyst will say that this stock has given a lovely move. If you are asking me if I expected this price to come about in such a short period of time, the answer will be 'no', but looking at the way the price movement has been, there is some positive news somewhere down the line expected.

So we have made our money on Biocon and we have taken some profits home, but we are still otherwise invested and if some new entrant wants to buy into Biocon, I would say, why wait for a correction, buy it now, considering it is a great company.

Therefore, we are very positive on the long term as far as Biocon goes and we do not hesitate to recommend it even now.