Piramal Enterprise share price shoots up over 4%

The share price of Piramal Enterprise Ltd shot up today and was trading up at 4.07% at 1:13 PM (IST).
The share had last closed at Rs 1404.55 on 1st February and it was able to reach an intraday high of Rs 1461.70 with its intraday low being Rs 1404.0.

The company had reported overall net sales of Rs 3301.84 crore during the Q2 results, which was up by 12.41% compared to previous quarter’s Rs 2937.34 crore.

The stock traded reflected a higher P/E ratio of 654.66 which indicated that the investors were willing to pay a higher price in anticipation of better growth in the coming future. Price-to-book value at 0.73 reflected the true value of the firm and proved that the investors were ready to pay even for no growth in the business.

As of the quarter ending December 2020, the domestic institutional investors held 1.26% of stake in the company, while foreign institutional investors held 28.59%.
The promoter holdings were reported at 46.06%.

The net profit for the last quarter stood at Rs 628.31 crore, up 13.27 per cent from the same quarter a year ago.

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