 "Piramal Enterprises Q1 net profit at Rs 2,896 cr")
The company had posted a net loss of Rs 146.66 crore during the same period of previous fiscal.
In April, the Mumbai-based firm sold its 11 per cent stake in Vodafone India for Rs 8,900 crore; recording a gain of Rs 3,036 crore.
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Total income of the company rose to Rs 1,282.9 crore during the quarter as compared to Rs 1,084.21 crore in the same period of previous fiscal, Piramal Enterprises Ltd said in a filing to the BSE.
During the first quarter, the company acquired a 20 per cent stake in Shriram Capital Ltd, the holding company for the financial services and insurance entities of the Shriram Group, for Rs 2,014 crore.
It also picked up 9.99 per cent stake in Shriram City Union Finance, a retail finance focused NBFC, for Rs 790 crore.
Piramal Enterprise shares were trading at Rs 678.40 apiece on the BSE, up 5.34 per cent from its previous close.