Piramal Life said that the board has okayed demerger of new chemical entity research unit. The swap ratio will be 1 share of Piramal Health for each 4 held, reports CNBC-TV18.
Piramal Life Sciences touched an intraday high of Rs 118.70 and an intraday low of Rs 105.90. At 09:20 hrs the share was quoting at Rs 112.95, up Rs 14.05, or 14.21% on the NSE.It was trading with volumes of 40,589 shares. In the previous trading session, the share closed down 5.00% or Rs 5.20 at Rs 98.90.
However, the share of Piramal Healthcare touched a 52-week low of Rs 400. At 09:20 hrs the share was quoting at Rs 435, down Rs 23.90, or 5.21% on the NSE.
It was trading with volumes of 57,936 shares. In the previous trading session, the share closed up 0.09% or Rs 0.40 at Rs 458.90.
Meanwhile, Macquarie has cut Piramal Health target to Rs 370 from Rs 600, reports CNBC-TV18.
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