Q3 figures, merger news prop up Nicholas

DALAL STREET SPIKES

Nicholas Piramal gained Rs 24 to touch a high of Rs 734 on the back of impressive third quarter results.

The scrip finally ended at Rs 720 with more than 13, 958 shares traded at this counter at the BSE. For the quarter ended December 31, 2003, the company registered a net profit of Rs 37.58 crore, a growth of 77 per cent compared to Rs 21.19 crore in the same period last year.

The total income rose by 20.4 per cent to Rs 268.31 crore during the same period. According to market sources, the stock was also in the limelight on the news that the company's board has cleared the merger of Sarabhai Piramal Pharmaceuticals (SPPL), a 100 per cent subsidiary of NPIL, with the company with effect from 1 April 2003.

The board has also cleared the merger of Canere Actives and Fine Chemicals (CANERE) with NPIL with effect from 1 October 2003.

According to analysts, this will help the company improve its bottomline in the coming quarters.