Buy Piramal Enterprises, target price Rs 2940: ICICI Direct

ICICI Direct has buy call on Piramal Enterprises with a target price of Rs 2940. The current market price of Piramal Enterprises is Rs 2787.55.

Time period given by analyst is Intra Day when Piramal Enterprises Ltd. price can reach defined target.

Piramal Enterprises Ltd., incorporated in the year 1947, is a Large Cap company (having a market cap of Rs 63374.76 Crore) operating in Diversified sector.


Piramal Enterprises Ltd. key Products/Revenue Segments include Interest, Pharmaceuticals, Income From Financial Services, Dividend, Other Operating Revenue for the year ending 31-Mar-2021.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 3011.60 Crore, down -15.55 % from last quarter Total Income of Rs 3565.98 Crore and up .29 % from last year same quarter Total Income of Rs 3002.80 Crore. Company reported net profit after tax of Rs 368.45 Crore in latest quarter.

Investment Rationale
Cusp of breaking above last two months range (2850-2461) and RSI in buy mode.

Promoter/FII Holdings
Promoters held 46.1 per cent stake in the company as of Dec 30, 2020, while FIIs held 29.3 per cent, DIIs 10.5 per cent and public and others 14.1 per cent.