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Piramal gains on news of unit sale

July 14, 2010

MARKETS-SOUTHASIA-STOCKS/
Shares in drugmaker Piramal Healthcare Ltd gained after the company said it will sell its diagnostic services unit to Super Religare Laboratories Ltd (SRL) for 6 billion rupees to focus on fewer and larger businesses left in its basket.

Piramal Healthcare had risen more than 2 percent in early trade on Wednesday but pared gains to close nearly 1 percent lower.

Piramal will receive 3 billion rupees upfront while the balance 3 billion would come over next three years, Piramal Chairman Ajay Piramal, said.

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