Piramal Enterprises stock rises 9% on robust fourth quarter earnings

Shares of Piramal Enterprises on Tuesday surged 9%, buoyed by the company reporting an 89% jump in net profit in March quarter.

The stock soared 9% to Rs 1,386.75, its 52-week high, on BSE. On the National Stock Exchange (NSE), the scrip zoomed 9% to touch a one-year high of Rs 1,387.

Yesterday, Piramal Enterprises reported an 89% jump in net profit at Rs 180 crore for the March quarter compared with Rs 95 crore in the same period last year, following strong revenue growth across businesses.

The company reported a 34% increase in revenue at Rs 1,734 crore during the March quarter as against Rs 1,298 crore during the corresponding period last year.

The revenue for 2015-16 fiscal were Rs 6,610 crore, up 29%, from 2014-15. Its net profit, however, declined sharply by 67% at Rs 951 crore for 2015-16 fiscal as against Rs 2,850 crore in the previous year. 

At 1254 hours the company stock was dealing at Rs 1355.25, up Rs 83.50 or 6.57% on the BSE and at Rs 1,356, up Rs 83.65 or 6.57% on the National Stock Exchange (NSE).