Piramal Enterprises extends gains on talk to buy Apollo's Health Super HiWay

Shares of Piramal Enterprises were trading higher by 2% at Rs 902, extending its previous day’s 6% rally on the NSE, after the pharmaceutical firm clarified that the company’s proposed investment in Health Super HiWay is subject to several pre-conditions, only upon fulfillment of which, the investment would be made.

“As part of its growth strategy, the company continually looks at strategic initiatives including viable investment opportunities. All of these are channeled towards achieving operational excellence and growth,” Piramal Enterprises said in a regulatory filing.

The company made clarification on the news reports that the Piramal Enterprises may buy Apollo Hospital's healthcare software venture Health Super HiWay.

Further, such investment would be made in a phased manner. We shall intimate the stock exchanges immediately upon the first phase of investment getting concluded, at which time, we shall also communicate the actual consideration for the same, it added.

The stock opened at Rs 899 and touched a high of Rs 918 on the NSE. Till 1040 hours, a combined 74,283 shares changed hands on the counter on the NSE and BSE.

Shares of Apollo Hospitals Enterprises too up 1% at Rs 1,465 after hitting high of Rs 1,480 in intra-day today. 

 


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