Piramal Enterprises shares trade in green after promoter entity increases stake to 46.30%

Piramal Enterprises promoter entity purchased over 6.16 lakh equity shares on Friday.

Piramal Enterprises shares traded in green in the early trade today after the promoter group increased stake in the company from the open market to 46.3 percent from an earlier 46.03%.

The promoters on Friday purchased over 6.16 lakh equity shares of Piramal Enterprises Ltd., representing 0.27 percent of the company's paid-up capital, on the National Stock Exchange of India Limited (NSE).

On Monday, the counter was trading at Rs 954.45 apiece on the NSE., higher by 0.75 percent. The counter has been gaining for the last two trading sessions.

The company in a regulatory filing said "the promoters have consistently demonstrated their confidence in the growth trajectory of PEL."

"This latest acquisition of shares aligns with that belief, further reflecting their trust in the Company’s business fundamentals, future plans, and value creation potential," it added.

The transaction price is not known yet, however, assuming at a higher price of Rs 951.75 per share on August 16, 6.16 lakh shares would have traded at over Rs 58 crore. After the promoter purchase, the stock surged over 7 percent on Friday.

Piramal is a diversified Non-Banking Financial Company (NBFC) registered with Reserve Bank of India (RBI), with presence across retail lending, wholesale lending, and fund-based platforms.

The company reported a 60.5% drop in its net profit for the June quarter to Rs 228.1 crore, while its net interest income also fell 63.3% to Rs 348.2 crore.

The gross non-performing assets (NPA) decreased from 2.4% in March to 2.7%, while the net non-performing assets (NPA) decreased from 0.8% to 1.1% in the same quarter. Additionally, the management has hinted that the cost of financing may face some short-term pressure.

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