Piramal Enterprises gains on fund raising proposal

Piramal Enterprises rose 1.68% to Rs 1,021 at 10:56 IST on BSE after the company said that a meeting of its committee of directors will be held on 5 January 2016 to consider issue of secured non-convertible debentures amounting upto Rs 500 crore.

The announcement was made after market hours yesterday, 31 December 2015.

Meanwhile, the S&P BSE Sensex was up 22.48 points or 0.09% at 26,140.02.

On BSE, so far 5,679 shares were traded in the counter as against average daily volume of 21,545 shares in the past one quarter.

The stock hit a high of Rs 1,030 and a low of Rs 1,005.20 so far during the day. The stock had hit a record high of Rs 1,043 on 20 May 2015. The stock had hit a 52-week low of Rs 805 on 18 September 2015.

The stock had outperformed the market over the past one month till 31 December 2015, surging 6.29% compared with Sensex's 0.11% fall. The scrip had also outperformed the market in past one quarter, advancing 15.15% as against Sensex's 0.14% fall.

The large-cap company has equity capital of Rs 34.51 crore. Face value per share is Rs 2.

On consolidated basis, Piramal Enterprises reported net profit of Rs 245.91 crore in Q2 September 2015 compared with net loss of Rs 390.79 crore in Q2 September 2014. Net sales rose 24.1% to Rs 1533.56 crore in Q2 September 2015 over Q2 September 2014.

Piramal Enterprises is one of India's large diversified companies, with a presence in healthcare, healthcare information management and financial services.

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