Shares of Piramal Pharma Ltd gained nearly 4 percent in intraday trade on Thursday after 60 lakh shares changed hands in a block deal.

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According to the available data, six large deals were executed on the stock exchanges. The details on buyers and sellers and the average prices for the transactions are still awaited.

After the block deals, shares of Piramal Pharma jumped as much as 3.9 percent to hit the day’s high of Rs 95.95 per share on BSE.

In a separate development, Piramal Pharma also announced the appointment of Jeffrey Hampton as president and chief operating officer (COO) of its Piramal Critical Care (PCC) business. PCC is a producer of inhaled anesthetics and a global player in hospital generics.

To recall, Piramal Pharma was included in the FTSE All Cap Index in June. According to market experts, the stock was likely to see inflows of $11.1 million after the inclusion.

Global equity research firm Jefferies also recommended a ‘buy’ rating on Piramal Pharma in June with a price target of Rs 115 per share.

The brokerage said that the company has begun financial year 2024 on a very strong note with a healthy order book in its CDMO division, increasing FTE demand, and supply normalisation in complex hospital generics.

Piramal Pharma had witnessed a significant pick-up in order bookings in the March quarter compared to the previous three quarters. The orders received during the March quarter were a healthy mix of on-patent and generic product development and manufacturing.

Shares of Piramal Pharma are trading 2.5 percent higher at Rs 94.71. The stock has halved over the last 12 months.

First Published:Jul 6, 2023 2:35 PM IST