Hold Piramal Healthcare With Target Of Rs 490

Hold Piramal Healthcare With Target Of Rs 490Technical analyst SP Tulsian has maintained 'hold' rating on Piramal Healthcare Limited stock with a target of Rs 490.

The stock of the company, on March 21, closed at Rs 469.25on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 599.90 and a low of Rs 400.15 on BSE.

Current EPS is -162.45.

Drug-maker Piramal Healthcare Ltd would like to state that the company's directors have not considered any plan for amalgamation of Piramal Life Sciences Ltd with the Company.

Company's chairman, Ajay Piramal would share the big contours of where it anticipates investing funds obtained from the sale of its business groups by the coming month.

The company had sold its domestic formulations biz to Abbott in 2010 for around Rs 170 billion.

Afterward, Piramal Healthcare sold its diagnostics biz to Super Religare Laboratories for around Rs 6 billion.

The company is still involved in assessing alternatives, Mr. Piramal said, adding that they were considering fields of long-term sake.

Piramal Healthcare recorded a consolidated net profit of Rs 603.30 million for Oct-Dec 2010 period as compared to Rs 1.36 billion during the same period of 2009.

The company's consolidated total income in the same quarter remained at Rs 5.35 billion as compared to Rs 9.24 billion for the period ended Dec 2009.

On a standalone basis, Piramal Healthcare registered a net profit of Rs 920.20 million for the period under review from Rs 1.38 billion in the same period of 2009.