Piramal Enterprises shares jump 7% on $140 mn deal from Molecular Imaging sale

Over the past month, Piramal Enterprises' shares have dropped more than 18 percent

Shares of Piramal Enterprises rose more than 7 percent to Rs 1,022 on January 14 after the company announced it would receive $140 million from the sale of its Molecular Imaging business by Life Healthcare, expected to be completed by FY26.

According to the company’s filing, Life Healthcare Group Holdings Limited, which acquired Piramal Imaging SA in 2018, has entered into binding agreements to sell Life Molecular Imaging, a subsidiary of the Imaging Group. The sale is subject to approval from Life Healthcare’s shareholders, along with various regulatory and other approvals.

In addition to the $140 million, Piramal Enterprises may receive further payments in the coming years, based on eligible profits and future earnouts from the Imaging Group, with a maximum potential of $200 million.

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Piramal Enterprises is a diversified global conglomerate with operations in healthcare, financial services, real estate, and information management. The company has also expanded into information management and packaging solutions through Piramal Glass, serving global clients in the pharmaceutical and consumer goods industries.

Recently, Piramal Enterprises invested Rs 1,000 crore in Piramal Capital & Housing Finance, a wholly owned subsidiary, via a rights issue. The investment will be used for business or general corporate purposes by Piramal Capital.

Around seven brokerages currently cover Piramal Enterprises, with one recommending a "buy" rating, two suggesting a "hold," and four advising "sell" ratings.

Over the past month, Piramal Enterprises' shares have dropped more than 18 percent, compared to a 6 percent decline in the benchmark Nifty 50 index. The stock had previously reached a 52-week high of Rs 1,275 per share on December 12, 2024.

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