Piramal Enterprises surged 5.76% to Rs 586 at 11:31 IST on BSE after the company said its board of directors at its meeting held on Monday, 5 May 2014, recommended hefty dividend of Rs 52.50 per share for the financial year ended 31 March 2014.
Meanwhile, the S&P BSE Sensex was up 95.31 points or 0.42% at 22,540.43.
On BSE, so far 60,000 shares were traded in the counter as against average daily volume of 15,958 shares in the past one quarter.
The stock hit a high of Rs 599.10 and a low of Rs 573 so far during the day. The stock had hit a record high of Rs 648.30 on 2 September 2013. The stock had hit a 52-week low of Rs 476 on 25 June 2013.
The stock had outperformed the market over the past one month till 5 May 2014, advancing 4.42% compared with the Sensex's 0.38% rise. The scrip had, however, underperformed the market in past one quarter, gaining 2.09% as against Sensex's 10.78% rise.
The large-cap company has equity capital of Rs 34.51 crore. Face value per share is Rs 2.
Piramal Enterprises reported a consolidated net loss of Rs 311.40 crore in Q4 March 2014, higher than net loss of Rs 200.40 crore in Q4 March 2013. Total operating income rose 19.4% to Rs 1121 crore in Q4 March 2014 over Q4 March 2013. The result was announced after market hours on Monday, 5 May 2014.
Operating EBITDA (earnings before interest, taxation, depreciation and amortization) declined 26.54% to Rs 70.30 crore in Q4 March 2014 over Q4 March 2013.
Piramal Enterprises' financing costs rose 19.86% to Rs 269.70 crore in Q4 March 2014 over Q4 March 2013, as company raised funds for expanding its financial services businesses. These finance costs for the quarter include one-time financing charges of Rs 54 crore, the company said in a statement.
Revenue from pharmaceutical businesses rose 16.4% to Rs 765 crore in Q4 March 2014 over Q4 March 2013. Revenue from financial services (including investment income) rose 45.2% to Rs 181.90 crore in Q4 March 2014 over Q4 March 2013. Revenue from information management business rose 11.5% to Rs 174.10 crore in Q4 March 2014 over Q4 March 2013.
Piramal Enterprises reported a consolidated net loss of Rs 501.40 crore in the year ended 31 March 2014 (FY 2014), higher than net loss of Rs 227.30 crore in the year ended 31 March 2013 (FY 2013). Total operating income rose 27.5% to Rs 4520.20 crore in FY 2014 over FY 2013. Finance costs surged 82.53% to Rs 1049.60 crore in FY 2014 over FY 2013, as the company raised funds for expanding its financial services businesses. These financing costs include one-time financing charge of Rs 178 crore on account of discounting of receivables for investing in lending operations and in acquiring stakes in Shriram Group entities, Piramal Enterprises said in a statement.
Revenue from pharmaceutical businesses rose 14.9% to Rs 2877.20 crore in FY 2014 over FY 2013. Revenue from financial services (including investment income) rose 91.3% to Rs 743.70 crore in FY 2014 over FY 2013. Revenue from information management business rose 38.1% to Rs 899.30 crore in FY 2014 over FY 2013. FY 2013 results included the financial results of DRG only for ten months as DRG was acquired in June 2012, Piramal Enterprises said in a statement.
Piramal Enterprises' board of directors at its meeting held on Monday, 5 May 2014, approved a Scheme of Amalgamation for merger of the step-down wholly-owned subsidiaries viz. PHL Capital, Piramal Pharmaceutical Development Services, Oxygen Bio Research with the company. Since all the transferor companies are step down wholly owned subsidiaries of the Company, no shares are proposed to be issued pursuant to the merger. This Scheme is subject to requisite approvals, including under the Listing Agreement and by the Hon'ble High Courts. The merger being of step down wholly owned subsidiaries into the company, a specific dispensation will be sought from the Hon'ble High Courts from filing the application /petition by the company and accordingly, the company may not be required to file petition with the High Court, Piramal Enterprises said.
Piramal Enterprises' board of directors at its meeting held on Monday, 5 May 2014, recommended dividend of Rs 52.50 per share for FY 2014. In addition to normal dividend of Rs 17.50 per share, the Board has also recommended a substantial reward to shareholders through a special dividend of Rs 35 per share considering the strength of company's balance sheet. This will result in a total outlay of Rs 1059.93 crore including the dividend distribution tax, Piramal Enterprises said in a statement.
Piramal Enterprises (PEL) is one of India's largest diversified companies, with a presence in pharmaceuticals, financial services and healthcare information management.
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