Piramal Enterprises - Acquisition of stake from JV partner - Angel Broking

Mr. Yash Gupta Equity Research Associate, Angel Broking Ltd

Piramal Enterprises Limited announced that the subsidiary piramal pharma agrees to Acquire Navin Fluorine's Stake in Convergence Chemicals at INR 65.10 Crores, Piramal Pharma and Navin Fluorine Mutually Agree on Piramal Increasing its Stake to 100% in Convergence Chemicals by buying out Navin Fluorine's 49% stake in CCPL at INR 65.10 crores. Recently, PEL transferred its entire stake in CCPL to PPL. Convergence Chemicals develops and manufactures specialty fluorochemicals, primarily starting material required for PPL's anesthetics production. As PPL continues to grow its anesthetics business, its resultant requirement for the starting material is expected to increase in the coming years. This is positive development for Piramal Enterprises.

Shares of PIRAMAL ENTERPRISES LTD. was last trading in BSE at Rs.1215.25 as compared to the previous close of Rs. 1282.05. The total number of shares traded during the day was 94596 in over 7301 trades.

The stock hit an intraday high of Rs. 1280 and intraday low of 1198.9. The net turnover during the day was Rs. 116185653.

Source : Equity Bulls

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