Piramal Enterprises touches record high on Ash Stevens buy

NEW DELHI: Shares of Piramal Enterprises jumped as much as 4.68 per cent in Wednesday's trade to hit a record high of Rs 1,854.40, a day after the company announced plans to acquire US-based contract development and manufacturing firm Ash Stevens for up to $52.95 million.

The potential transaction is expected to be completed by the end of August, Piramal said in a filing to Bombay Stock Exchange ( BSE). "Ash Stevens will add high-potency capabilities to the services we offer our customers," Vivek Sharma, CEO of pharma solutions business, Piramal Enterprises, said.

High potency APIs (HPAPI) is one of the fastest growing segments in the pharmaceutical sector and more than 50 per cent of the HPAPIs are anti-cancer drugs, he said.

The stock was the top gainer on Nifty Pharma index on Wednesday and was among the top gainers in the Nifty Midcap 100 pack. However, it pared early gains and was trading at Rs 1,798.40 apiece on BSE at 11:29 am, up 1.03 per cent.

(With inputs from Reuters)