Piramal enterprises will look into approving the financial results for the June quarter. Also, Piramal Pharma will assess the option of buyback of shares. Normally the companies go in buyback mode so as to generate additional shareholder value, ensure that the prices of shares increase and the profit is distributed.
It was in June 2023, that the non-bank financial company (NBFC) had declared a final dividend of Rs 31 per share for financial year 2023.
In March 2023, Piramal Enterprises had reported a loss of Rs 196 crore. However, in the same quarter in March 2022, they had a net profit of Rs 109 crore.
Meanwhile, experts at Jefferies had said last month that the stock’s risk-reward was attractive at current levels. Also, the experts are of the view that Piramal Enterprises’ recent stake sale in Shriram Finance would add value to the stock. Meanwhile, Piramal Enterprises exited Shriram Finance last week after they sold over 3 crore shares or 8.3 percent stake in the company.
Ahead of the Piramal Enterprises board meeting, the share price of Piramal pharma is trading 4 percent higher at Rs 1,044.1. The stock has halved from its peak of Rs 2,084.1, however, it had recovered over 50 percent from the low of Rs 630.45. After scaling a new high, the stock’s returns on a year-to-date basis is 24.65 percent. The Piramal enterprises stock has risen by approximately 40 percent in the last three months.
