Piramal surges after announcing dividend

Reuters Market Eye - Shares in Piramal Enterprises Ltd surge after the contractor for drug research and manufacturing services on Monday announced a dividend of 52.50 rupees per share when reporting January-March results.

Dealers call the dividend hefty, given it would amount to 9.5 percent of Piramal's Monday closing price of 554.10 rupees, and would be above the average yields offered in most deposit or fixed income products.

Piramal Enterprises stock was trading up 5.4 percent as of 11:49 a.m.

(Abhishek Vshnoi)