Is a listed company entitled to claim that its performance last year was "better than expected" if the company is not in the habit of giving guidance?
This oddity occurred in the case of Biocon when its COO made a press statement on company's 2006-07 results.When requested for clarification,the company has said,"The COO's statement 'better than expected' refers to indicate (sic) that we have done better than our internal budgeted numbers as well as the average expectation of the Analysts,based on the analyses provided by Citigate,Mumbai,our IR Service Provider".
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