India's Piramal Enterprises slides on June-quarter profit slump

Piramal Enterprises

31/07/2023 05:58

** Shares of Piramal Enterprises  PIRA.NS  fall as much as
8.2%, their steepest intraday pct decline since Nov. 10, 2022
    ** Co on Friday reported a 93.8% decline in June-quarter
consolidated profit
    ** Co had benefitted from an exceptional item of 76.14 bln
rupees year ago on the demerger of a pharma undertaking
    ** Co also approved a buyback worth 17.5 bln rupees; added
that its backers expressed their intention not to participate in
the buyback
    ** Around 7.2 mln shares change hands as of 10:20 a.m. IST,
1.9x the 30-day moving average
    ** Mean rating of seven analysts covering the stock is
"buy"; median PT is 1,150 rupees - Refinitiv data
    ** Stock up 29.5% YTD as of last close

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))