Buy Piramal Enterprises, target price Rs 1520: Edelweiss

Edelweiss has given a buy rating to Piramal Enterprises with a target price of Rs 1520. The share price moved up by 1.13 per cent from its previous close of Rs 1423.95. The stock’s last traded price is Rs 1438.20.

Piramal Enterprises Ltd., incorporated in the year 1947, is a Large Cap company (having a market cap of Rs 32149.36 Crore) operating in Diversified sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 3301.84 Crore, up 12.41 % from last quarter Sales of Rs 2937.34 Crore and down -8.37 % from last year same quarter Sales of Rs 3603.56 Crore Company reported net profit after tax of Rs 578.07 Crore in latest quarter.


Investment Rationale
The stock has retested double bottom breakout level and given a breakout from falling channel. Rising volume on breakout is supportive for price up move.

Promoter/FII Holdings
Promoters held 46.1 per cent stake in the company as of Sept 30, 2020, while FIIs held 29.7 per cent, DIIs 10.2 per cent and public and other 14.1 per cent.