Piramal Enterprises extends Thursday's gains

Piramal Enterprises rose 3.2% to Rs 573.95 at 11:07 IST on BSE, with the stock extending Thursday's 3.73% gains triggered by the firm's announcement that it has agreed to divest its entire equity stake in Vodafone India.

Meanwhile, the S&P BSE Sensex was down 139.06 points or 0.61% at 22,576.27.

On BSE, so far 26,000 shares were traded in the counter as against average daily volume of 24,000 shares in the past two weeks.

The stock hit a high of Rs 577.45 and a low of Rs 563 so far during the day.

Shares of Piramal Enterprises have risen 7.05% in two trading sessions from Rs 536.15 on 9 April 2014, after the company during trading hours on Thursday, 10 April 2014 said it has agreed to divest its entire equity stake in Vodafone India to Prime Metals, an indirect subsidiary of Vodafone Group Plc, for total consideration of Rs 8900 crore. The stock had risen 3.73% to settle at Rs 556.15 on Thursday, 10 April 2014.

Piramal Enterprises said it has agreed to divest its entire equity stake, comprising 4.54 crore shares (approximately 11%), in Vodafone India to Prime Metals, an indirect subsidiary of Vodafone Group Plc, for a total consideration of Rs 8900 crore, valuing the shares of Vodafone India at Rs 1,960 per share.

Piramal had acquired these shares at an average price of Rs 1,290 per share for a total consideration of Rs 5864 crore in two tranches during FY 2012.

On a consolidated basis, Piramal Enterprises reported a net loss of Rs 11.14 crore in Q3 December 2013 compared with net profit of Rs 61.07 crore in Q3 December 2012. Net sales rose 29.3% to Rs 1269.34 crore in Q3 December 2013 over Q3 December 2012.

Piramal Enterprises is one of the India's largest diversified companies, with a presence in pharmaceutical, financial services and information management sectors.

Powered by Capital Market - Live News