Piramal Enterprises has rallied about 10% to Rs 604, extending its past five-days rally, after the company said it has acquired UK-based market analytics and market access solutions firm Abacus International through its subsidiary for an undisclosed amount.
The stock currently trading at its 52-week high, has rallied 23% in last six trading sessions compared to 1.5% rise in the BSE benchmark index Sensex.
“Piramal’s subsidiary Decision Resources Group (DRG) acquired UK-based market analytics and market access solutions firm Abacus International. This acquisition of Abacus will give the company access to the European markets,” the company said in a statement.
Earlier in May, Piramal had acquired US-based DRG for $635 million.
The stock opened at Rs 549 and hit a low of Rs 522 on the BSE. As many as a combined 335,424 shares have already changed hands on the counter in morning deals against an average less than 225,000 shares that were traded daily in past two weeks.