Mumbai: Shares of Piramal Enterprises Ltd gained over 26% since last six consecutive sessions, with hitting a record high on the back of higher volumes, after Ajay Piramal, chairman of the company said it may restructure its business to unlock shareholders value.
Earlier in the day, the stock hit an all time high of Rs.1536.50 on BSE and rose as much as 9.45%. So far this year it gained 50%. The Benchmark Sensex Index fell 0.4% to 25597.52 points. Year to date, it fell 2%.
“PEL is a conglomerate and, hence, may seem to be complex and difficult to understand. We are fully aware and alive to this fact. It is our intent to simplify the structure going forward and create focused businesses, in the process also unlocking value for our shareholders,” Mint reported on 16 May quoting Ajay Piramal.
Apart from restructuring existing businesses, Piramal Enterprises may look to enter new businesses as well, Mint report added.
Piramal Enterprises currently has six divisions under it—healthcare, pharmaceutical solutions, critical care, consumer products, financial services and information management.
The company has reported a consolidated net profit of Rs.180 crore compared with Rs.95.4 crore a year ago. Consolidated net revenue rose 33.6% to Rs.1733.51 crore.