Piramal Enterprises rose 0.46% to Rs 694 at 9:48 IST on BSE after the company issued a clarification with regard to media news.
The clarification was issued after market hours on Thursday, 28 August 2014.
Meanwhile, the S&P BSE Sensex was up 189.35 points or 0.71% at 26,827.46.
On BSE, so far 3,192 shares were traded in the counter as against average daily volume of 13,553 shares in the past one quarter.
The stock hit a high of Rs 705 and a low of Rs 683.90 so far during the day. The stock had hit a record high of Rs 791 on 3 July 2014. 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 28 August 2014, jumping 8.86% compared with Sensex's 2.49% rise. The scrip had also outperformed the market in past one quarter, advancing 12.35% as against Sensex's 8.48% rise.
The large-cap company has equity capital of Rs 34.51 crore. Face value per share is Rs 2.
Piramal Enterprises in a clarification with regard to a news item titled "Piramal to exit drug discovery business" said that the company has only decided to scale back its investments in NCE R&D activity in Mumbai. Piramal Enterprises said that New Chemical Entity Research (NCE R&D) is only a part of the company's R&D activity, which also encompasses research in Radiopharmaceuticals, Anesthesia and Pharma Solutions, which have a relatively higher likelihood of success, as against the NCE R&D where the pipeline of projects are at early stages. The company continues to focus on the other components of its R&D activity and the funds are proposed to be reallocated to these activities and other businesses of the company. Further, as part of this expenditure curtailment and reallocation of funds initiative, employees connected with NCE R&D are being offered a voluntary early separation scheme in a fair and transparent manner, which is still in process, Piramal Enterprises said.
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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