Piramal Enterprises rose 1.96% to Rs 1,815 at 9:44 IST on BSE after the company said its wholly owned US subsidiary has entered into an agreement to acquire 100% stake in Ash Stevens Inc, a US based contract development and manufacturing organisation
The announcement was made after market hours yesterday, 16 August 2016.Meanwhile, the S&P BSE Sensex was up 57.68 points or 0.21% at 28,122.29.
On BSE, so far 18,000 shares were traded in the counter as against average daily volume of 30,760 shares in the past one quarter. The stock hit a high of Rs 1,850 so far during the day, which is a record high for the counter. The stock hit a low of Rs 1,807.85 so far during the day. 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 16 August 2016, surging 14.3% compared with 0.82% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 39.97% as against Sensex's 9.4% rise.
The large-cap company has equity capital of Rs 34.51 crore. Face value per share is Rs 2.
Piramal Enterprises (PEL) announced that its wholly owned subsidiary in the US has entered into an agreement to acquire 100% stake in Ash Stevens Inc., a US based contract development and manufacturing organisation (CDMO), in an all cash deal for a total consideration of $42.95 million plus an earn-out consideration capped at $10 million, subject to achievement of certain EBITDA targets, payable over the next six months. This potential transaction is expected to be completed by end of August, PEL said. This acquisition adds niche potent molecule manufacturing capabilities to the portfolio of services offered by PEL's pharma solutions business, the company said. Ash Stevens reported revenue of about $18.3 million in FY 2015 (twelve months ended 30 September 2015).
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On consolidated basis, Piramal Enterprises' net profit rose 36.3% to Rs 230.93 crore on 26.7% growth in net sales to Rs 1761.05 crore in Q1 June 2016 over Q1 June 2015.
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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