Shares of Piramal Enterprises rose over 5 per cent today as the company announced its board would consider and approve the issuance of non-convertible debentures on a private placement basis on November 7. Piramal Enterprises stock climbed 5.5 per cent to Rs 884 against the previous close of Rs 837.85 on BSE. Shares of Piramal Enterprises are trading higher than the 5-day and 20-day moving averages but lower than 50-day, 100-day and 200-day moving averages.
The share has lost 40.58 per cent in a year and fallen 38.68 per cent since the beginning of this year. A total of 0.78 lakh shares of the firm changed hands amounting to a turnover of Rs 6.81 crore on BSE. The market cap of the firm rose to Rs 20,949 crore on BSE.
The large-cap share hit a 52-week high of Rs 1,651.89 on November 10, 2021 and a 52-week low of Rs 785.85 on October 17, 2022.
On November 2, the company in a communication to bourses said, “Pursuant to Regulations 29 & 50 of the Listing Regulations, we write to inform you that a meeting of the Administrative Committee of the Board of Directors of the Company will be held on Monday, November 7, 2022, to consider and approve the issuance of non-convertible debentures, on a private placement basis.”
The firm will announce its Q2 earnings on November 9, 2022.
In the first quarter of this fiscal, net profit slipped 8.95 percent to Rs 485.98 crore against a net profit of Rs 533.79 crore in the year-ago period. Revenue from operations in Q1 FY23 came in at Rs 3,548.37 crore, compared to Rs 2,908.68 crore in the year-ago period. Total expenses in Q2 were higher at Rs 3,252.09 crore against Rs 2,492.97 crore a year ago.
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