The Piramal Enterprises share price rose in early trade today after Supreme Court exempted Saridon from list of banned FDCS (Fixed Dose Combinations). Saridon is a brand from the healthcare product portfolio of Piramal Enterprises Limited (PEL). Piramal Enterprises share price rose nearly 2% to 2,284 level compared to the previous close of 2,240.15 on the BSE. Piramal Enterprises share price has been gaining for the last five days and risen 4.41% during the period.
The large cap stock has lost 12.81% during the last one year and fallen 4.55% since the beginning of this year.
The turnover for Piramal Enterprises stood at Rs 3.91 crore on the BSE. Piramal Enterprises share price was trading above its 50-day moving average of 2,237 and below its 200-day moving average of 2,389 levels, respectively.
In September 2018, Piramal Enterprises was awarded a stay order from the Supreme Court on the ban, which allowed it to continue manufacturing, distribution and sale of the FDC.
Commenting on the Supreme Court ruling, Nandini Piramal, Executive Director, Piramal Enterprises said, "We are pleased with the Supreme Court ruling, as it is an affirmation to our commitment to provide effective and safe healthcare solutions that address unique needs of Indian consumers. We were confident that the law would prevail in our favour. Saridon is a heritage brand trusted by customers for the last 50 years in India. This exemption from the banned list of FDCs validates our intent to serve our customers with the highest levels of integrity. We continue to expand our healthcare product portfolio with an aim to be amongst the top three OTC (over the-counter) product companies in India by 2020."
Piramal Enterprises is engaged in the business of pharmaceuticals, including research and development, financial services and information management through its subsidiaries. The company's pharmaceutical business consists of manufacturing and sale of own and traded bulk drugs and formulations.
It operates through three segments: Healthcare, Financial Services and Information Management. The company offers its products under brands, including Saridon, Lacto Calamine, i-pill/i-know, Polycrol, Tetmosol, Untox, Stop AllerG and Throatsil.