Piramal Enterprises has decided to raise up to ₹2,000 crore by selling Non-Convertible Debentures (NCDs) worth ₹1,000 each. This was approved by the company’s board on December 20, 2023, and the news was shared after the stock market closed.
Today, Piramal shares dropped to ₹1,090.25, which is a decrease of ₹32.30 or 2.88% from yesterday’s price. Over the last year, the shares have gone up by 23%, and so far in 2024, they have shown a 17% increase. This is better than the Nifty index, which has risen by 11% in the past year and 8% this year.
Right now, Piramal shares are below the 50-day average price of ₹253.3 but above the 52-day average of ₹187. Key indicators show that the stock is neither too hot nor too cold: the Money Flow Index (MFI) is at 58, and the Relative Strength Index (RSI) is at 46. An RSI above 70 means a stock is overbought, while below 30 means it’s oversold.
For the quarter ending September 30, 2023, Piramal reported a revenue of ₹2,302.9 crore, up from ₹1,960.6 crore compared to the same time last year. The company’s net profit for Q2FY25 was ₹22.6 crore, improving from ₹5 crore a year earlier.
Piramal Group is a large global business with interests in pharmaceuticals, financial services, and real estate. They have offices in more than 30 countries and operate in over 100 markets with a workforce of 10,000 people from 21 different countries.
Note: The views expressed here are not those of NiftyStat.
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