Piramal Enterprises gained 0.12% to Rs 935.05 at 12:00 IST on BSE after the company announced the sale of its Canada-based cartilage repair product, BST-CarGel to Smith & Nephew.
The announcement was made by the company before market hours today, 13 January 2016.Meanwhile, the S&P BSE Sensex was down 138.30 points or 0.56% at 24,551.01.
On BSE, so far 1,535 shares were traded in the counter as against average daily volume of 11,990 shares in the past one quarter. The stock hit a high of Rs 948.40 and a low of Rs 935 so far during the day. The stock had hit a record high of Rs 1,043 on 20 May 2015. The stock had hit a 52-week low of Rs 805 on 18 September 2015. The stock had outperformed the market over the past one month till 12 January 2016, gaining 1.33% compared with 1.45% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 0.67% as against Sensex's 8.26% decline.
The large-cap company has equity capital of Rs 34.51 crore. Face value per share is Rs 2.
Piramal Enterprises (PEL) announced the sale of BST-CarGel from Piramal Healthcare (Canada), based in Montreal, Canada to Smith & Nephew, the global medical technology business. BST-CarGel is a first-line cartilage repair product used along with microfracture and other bone marrow stimulation techniques for the initial treatment of most sizes of focal cartilage tears. Through this transaction, an affiliate of Smith & Nephew plc will acquire ownership of all product and intellectual property assets related to BST-CarGel. The transaction does not have a material impact on the financials of PEL.
On consolidated basis, Piramal Enterprises reported net profit of Rs 245.91 crore in Q2 September 2015 compared with net loss of Rs 390.79 crore in Q2 September 2014. Net sales rose 24.1% to Rs 1533.56 crore in Q2 September 2015 over Q2 September 2014.
Piramal Enterprises is one of India's large diversified companies, with a presence in healthcare, healthcare information management and financial services.
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