PEL share price: Buy Piramal Enterprises, target price Rs 1650: Edelweiss

Edelweiss has purchase name on Piramal Enterprises with a target price of Rs 1650. The present market price of Piramal Enterprises Ltd. is Rs 1565.5.

Piramal Enterprises Ltd., integrated within the 12 months 1947, is a Giant Cap firm (having a market cap of Rs 35285.48 Crore) working in Diversified sector.

Financials
For the quarter ended 30-09-2020, the corporate reported a Consolidated gross sales of Rs 3301.84 Crore, up 12.41 % from final quarter Gross sales of Rs 2937.34 Crore and down -8.37 % from final 12 months similar quarter Gross sales of Rs 3603.56 Crore Firm reported web revenue after tax of Rs 578.07 Crore in newest quarter.

Funding Rationale
PEL has given a breakout after making a base round Rs 1,500-1,480 ranges. Volumes registered on breakout additionally recommend robust palms have entered the inventory.

Promoter/FII Holdings
Promoters held 46.1 per cent stake within the firm as of Sept 30, 2020, whereas FIIs held 29.7 per cent, DIIs 10.2 per cent and public and others 14.1 per cent.

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