Piramal Enterprises gained 1.54% to Rs 1,283 at 11:30 IST on BSE after the company said that its consumer products division has entered into an agreement to acquire four brands from Pfizer for a consideration of Rs 110 crore.The announcement was made after market hours on Friday, 13 May 2016.
Meanwhile, the BSE Sensex was down 113.75 points, or 0.45%, to 25,75.82.
On BSE, so far 4,275 shares were traded in the counter, compared with an average volume of 24,441 shares in the past one quarter. The stock hit a high of Rs 1,292 and a low of Rs 1,266.50 so far during the day. The stock hit a record high of Rs 1,305 on 10 May 2016. The stock hit a 52-week low of Rs 805 on 18 September 2015. The stock had outperformed the market over the past one month till 13 May 2016, gaining 16.78% compared with 0.54% decline in the Sensex.
The scrip had also outperformed the market in past one quarter, rising 32.95% as against Sensex's 10.89% gains.
The large-cap company has an equity capital of Rs 34.51 crore. Face value per share is Rs 2.
Piramal Enterprises said that the acquisition includes brands namely, Ferradol, Neko, Sloan's and Waterbury's Compound. Additionally, the agreement also includes the trademark rights for Ferradol and Waterbury's Compound in Bangladesh and Sri Lanka. These brands hold a rich legacy and have a high consumer pull and are available in India for the past 30 plus years, Piramal said in a statement. These products currently operate in a market which is currently estimated at Rs 7000 crore, it added. Completion of the deal is subject to certain conditions including regulatory approvals, Piramal said.
Shares of Pfizer gained 0.71% to Rs 1,793.20.
On consolidated basis, Piramal Enterprises' net profit rose 29.2% to Rs 321.71 crore on 33.4% rise in net sales to Rs 1847.71 crore in Q3 December 2015 over Q3 December 2014.
Piramal Enterprises is one of India's large diversified companies, with a presence in healthcare, healthcare information management and financial services.
Powered by Capital Market - Live News