Arm of Piramal Enterprises invests to expand US unit

The shares of Piramal Enterprises rose almost 3 per cent intraday after the company’s arm decided to make investments to expand their US facility.

Pharma Solutions, the Contract Development and Manufacturing arm of Piramal Enterprises, has invested US$10 million to expand its high-potency active pharmaceutical ingredients (HPAPIs) facility in the US. The new wing at the Riverview site is dedicated to the production of HPAPIs with low occupational exposure levels (OEL).

Piramal Enterprises is one of India’s large diversified companies, with a presence in Pharmaceuticals, Healthcare Information Management and Financial Services.

On Friday, the shares of Piramal Enterprises opened at Rs. 1,871.50 against Thursday’s close of Rs. 1,880.40. At closing hours, the stock was trading at Rs. 1,868.60, lower by 0.63 per cent. However, the stock gained over 3 per cent intraday but couldn’t hold the position and closed down by 0.63 per cent. Its intraday high was Rs. 1,939.40 and intraday low was Rs. 1,837.60 per share on the BSE. The 52-week high stood at Rs 3,307.95 and 52-week low was at Rs 1,705.50 per share on the BSE.