Piramal Enterprises share price rose over 10% intraday after the pharma giant posted 15% growth in its net profit to Rs 554 crore for the quarter ended September on the back of a robust performance in its pharma and healthcare business.
Piramal Enterprise's stock price opened with a gain of 2.08% today at Rs 1,588.70, against the last closing of Rs 1,556.35. Later, the stock rose 10.74% intraday to Rs 1,723.5 on BSE.
The stock has risen 22% in the last 3 sessions and outperformed the Pharmaceuticals sector by 6.33% intraday. Piramal Enterprises stock has fallen 49% year-to-date, although it has gained 22% during 1 week.
Volume-wise shares amounting to 2.15 lakh and 35.50 lakh shares changed hands on BSE and NSE, respectively. Market depth-wise, there were 55% buyers against 47% sellers for the stock.
Piramal Enterprises clocked a 15% rise in its revenue to Rs 3,604 crore in the quarter ended September 30, 2019. While pharma services grew 19% year on year to Rs 1,316 crore, the revenue of healthcare insights and analytics grew 14% to Rs 333 crore. Company's global pharma revenues rose 17% to Rs 1,204 crore.
"Pharma and healthcare insights businesses continue to consistently deliver strong performance quarter on quarter, acting as a natural hedge and bringing stability to the company's performance, even in the most volatile market environment," he said.
Piramal Enterprises' financial services business grew 13% to Rs 1,954 crore in the July to September quarter.
At 2: 45 pm, the stock price was trading 8.30% higher at Rs 1,685 on BSE.
By Rupa Burman Roy