Piramal Enterprises rose 0.82% to Rs 951.50 at 13:30 IST on BSE after the company said that it has agreed to acquire a majority stake in Health SuperHiway, a healthcare analytics company over the next 12 months.
The company made the announcement after market hours on Friday, 17 April 2015,
Meanwhile, the BSE Sensex was down 291.23 points, or 1.02%, to 28,147.63.
On BSE, so far 17,459 shares were traded in the counter, compared with an average volume of 14,389 shares in the past one quarter.
The stock hit a high of Rs 965 and a low of Rs 936 so far during the day. The stock had hit a record high of Rs 1,012.75 on 15 April 2015. The stock had hit a 52-week low of Rs 539 on 30 April 2014.
The stock had outperformed the market over the past one month till 17 April 2015, rising 6.56% compared with 1.02% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.92% as against Sensex's 1.14% rise.
The large-cap pharma company has an equity capital of Rs 34.51 crore. Face value per share is Rs 2.
Piramal Enterprises (PEL) said that this investment, which will come in two tranches, continues PEL's development of a global healthcare information business, which it began through its acquisition of Decision Resources Group in 2012, and its subsequent acquisitions of Abacus International and Relay Technology Management, PEL said.
PEL has invested Rs 60 lakh in cash which will make it a minority shareholder in HealthHiway. PEL will be investing up to an additional Rs 44.20 crore in HealthHiway over the next 33 months if HealthHiway achieves a set of specific growth milestones that are based on acquisition of hospital data partnerships, PEL said. Upon the second tranche of investment, PEL will control a majority stake in the business, become the promoter, and assume operational control, PEL said in a statement. The transaction is not subject to any regulatory approvals. No promoter/promoter group/group companies of PEL has any interest in HealthHiway, PEL said in a statement.
Piramal Enterprises reported consolidated net profit of Rs 249.02 crore in Q3 December 2014 compared with consolidated net loss of Rs 11.14 crore in Q3 December 2013. Total income rose 15% to Rs 1501 crore in Q3 December 2014 over Q3 December 2013.
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