Piramal Enterprises Promoters Boost Stake, Signaling Confidence in Company's Future

The promoter group of Piramal Enterprises Limited has raised its stake to 46.41% from 46.30%, reflecting sustained belief in the firm's growth path. This recent purchase comes after an earlier one in August 2024, when the promoters acquired 6.16 lakh shares, increasing their holding from 46.03% to 46.30%. The action demonstrates the faith of the promoters in Piramal Enterprises' business fundamentals, future strategy, and value creation ability. Despite recent setbacks, such as a 60.5% decline in net profit for the June 2024 quarter and some downgrades by analysts, the promoters' steady investment is a vote of confidence in the long-term prospects of the company in the non-banking financial space.

 

Source: Reuters