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Piramal Enterprises spurts after subsidiary completes acquisition of CCPL

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Piramal Enterprises rose 4.86% to Rs 1,949.15 after the company said its subsidiary, Piramal Pharma, has completed the acquisition of Convergence Chemicals on 24 February 2021.

On 28 October 2020, Piramal Enterprises announced that its subsidiary, Piramal Pharma (PPL), will acquire additional stake in Convergence Chemicals (CCPL) for an aggregate cash consideration of Rs 65.10 crore. The transaction is now closed.

On a consolidated basis, Piramal Enterprises' net profit jumped 10.4% to Rs 799.39 crore on 3.1% decline in net sales at Rs 3,168.61 crore in Q3 December 2020 over Q3 December 2019.

Piramal Enterprises is one of India's large diversified companies, with presence in financial services and pharmaceuticals.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, February 25 2021. 11:25 IST