Piramal Enterprises gains 2% after subsidiary buys Mumbai office space for Rs 875 cr

The company said that this transaction would help Piramal Enterprises and its subsidiaries to fulfil their future office space needs

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Shares of Piramal Enterprises gained over 2 percent to hit the day’s high of Rs 922 on December 27 after its subsidiary acquired an office space in Lower Parel, Mumbai, for Rs 875 crore.

So far this year, the stock of this diversified non-banking lender has surged over 10 percent as against an 18 percent rally in the benchmark Sensex. It had scaled a 52-week high of Rs 1,140 per share on September 11.

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According to an exchange filing, Piramal Consumer Products, a wholly owned subsidiary of Piramal Enterprises, has agreed with AASAN Corporate Solutions to acquire Piramal Towers, an office space in Mumbai. AASAN Corporate solutions is the promoter group company for Piramal Enterprises.

“This transaction will allow Piramal Enterprises and its subsidiaries to fulfil their future office space needs,” the filing read. The subsidiary’s turnover for FY21, FY22 and FY23 was Rs 71.27 lakh, Rs 151.35 lakh, and Rs 70.42 lakh, respectively.

The company intends to utilise a certain portion of these office premises and expects to capitalise on space as and when it becomes available to meet the rising operating demands.

Also read: Futures Trade | A double-bottom pattern breakout in Piramal Enterprises

Analysts at JM Financial shared a ‘buy’ rating for Piramal Enterprises, with a target price of Rs 1,250 apiece. “We believe Piramal Enterprises should be able to deliver average core return on equity (RoE) of 0.7 percent over FY24-25. Strategic changes at key leadership positions, strengthening of risk standards, and meaningful process improvements should ensure continued delivery on growth and profitability,” the brokerage firm said.

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