The Board of Piramal Enterprises at its meeting held on 13 December 2019 has allotted 3,05,865 full paid equity shares of Rs 2 each to eligible shareholders of Piramal Phytocare as on record date of 12 December 2019 in the ratio of 1 equity share of Piramal Enterprises to every 70 shares of Piramal Phytocare.

Consequently, the paid up equity share capital of the Company stands increased from 19,88,46,630 equity shares of Rs.2 each amounting to Rs. 39,76,93,260 to 19,91,52,495 equity shares of Rs.2 each amounting to Rs. 39,83,04,990.

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Piramal Enterprises Ltd is up for a third straight session in a row. The stock is quoting at Rs 1681.15, up 1.41% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.75% on the day, quoting at 12061.85. The Sensex is at 40961.46, up 0.94%. Piramal Enterprises Ltd has dropped around 4.38% in last one month.

Meanwhile, Nifty Pharma index of which Piramal Enterprises Ltd is a constituent, has dropped around 5.36% in last one month and is currently quoting at 8045.35, down 0.58% on the day. The volume in the stock stood at 6.9 lakh shares today, compared to the daily average of 11.44 lakh shares in last one month.

The benchmark December futures contract for the stock is quoting at Rs 1685.95, up 1.51% on the day. Piramal Enterprises Ltd is down 21.35% in last one year as compared to a 11.63% spurt in NIFTY and a 8.34% spurt in the Nifty Pharma index.

The PE of the stock is 70.55 based on TTM earnings ending September 19.

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In October, Piramal Enterprises had entered into an agreement with Canadian institutional investor, Caisse de dépôt et placement du Québec (CDPQ) to raise Rs 1,750 crore via issuance of 1,15,894 CCDs, carrying a face value of Rs 1.51 lakh each.

Each CCD will be convertible into 100 equity shares, at a conversion price of Rs 1,510 per share and will have a term of 18 months from the date of allotment, unless converted earlier by CDPQ. Upon conversion, the Canadian pension fund's stake in the Ajay Piramal company will rise to 8.99% from 3.68%.

Piramal Enterprises has tumbled 17.24% in last three months as compared to a 1.54% decline in Nifty Pharma index.

The stock trades below its 50 days and 200 days simple moving average placed at 1669.84 and 2031.95 respectively.

Piramal Enterprises (PEL) is one of India's largest diversified companies, with a presence in financial services, pharmaceuticals and healthcare insights & analytics.

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Piramal Enterprises has repurchased 2000 debentures of face value Rs 10 lakh each have been repurchased on 06 December 2019.

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