Piramal Enterprises spurts to record high

Piramal Enterprises surged 3.45% to Rs 766.10 at 15:14 IST on BSE on buzz that German firm DiaSys Diagnostic Systems GmbH has agreed to buy the diagnostic solutions business from the company for an undisclosed amount.

Meanwhile, the S&P BSE Sensex was down 311.18 points or 1.16% at 26,505.38.

On BSE, so far 87,000 shares were traded in the counter as against average daily volume of 13,503 shares in the past one quarter.

The stock was volatile. The stock surged as much as 12.75% at the day's high of Rs 835 so far during the day, which is a record high for the counter. The stock rose 0.31% at the day's low of Rs 742.90 so far during the day. The stock had hit a 52-week low of Rs 482.65 on 26 November 2013.

The stock had outperformed the market over the past one month till 15 September 2014, surging 10.83% compared with the Sensex's 2.73% rise. The scrip had also outperformed the market in past one quarter, jumping 6.51% as against Sensex's 6.3% rise.

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

Piramal Enterprises reported a consolidated net profit of Rs 2896.32 crore in Q1 June 2014 as against net loss of Rs 146.66 crore in Q1 June 2013. Net sales rose 21.7% to Rs 1166.14 crore in Q1 June 2014 over Q1 June 2013.

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

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