Dewan Housing Finance Limited (DHFL) NSLT to the resolution of Piramal Capital and Housing Finance Company Ltd. (NCLT) Shares of Piramal Enterprises jumped 11 per cent in intraday trading just a day after getting the approval (June 8, 2021). By the time the market closed, this stock had jumped 10.53 percent to reach Rs 2167.15. In the previous session, it had closed at Rs 1960.75. Now the market capital of Piramal Enterprise has increased to Rs 48,877.54 crore.
100% return in last one year
Shares of Piramal Enterprises have given 100 per cent returns in the last one year. The stock has jumped 52 per cent since January this year. In January itself, Piramal Capital and Housing Finance Limited, a company of Piramal Enterprises, had bet on the acquisition of DHFL. Piramal had made a bid of Rs 37,250 crore for this. It first got RBI approval in February 2021 and then CCI’s approval in April 2021.
Investors can get 26% return from this stock, Big Bull is also included in Rakesh Jhunjhunwala’s portfolio
Shares got wings after NCLT’s approval
In fact, the National Company Law Tribunal (NCLT) has given green signal to Piramal Capital and Housing Finance Limited to buy the submerged company DHFL. On Monday, the NCLT approved the resolution plan of Piramal. With the approval of NCLAT and Supreme Court, DHFL will become of Piramal Capital. Piramal Enterprises seems to be in a very good position regarding DHFL. In fact, Piramal Enterprises has been planning to expand into the mortgage business for a long time. It can fulfill its objective with the acquisition of Dewan Housing Finance Limited. Piramal Enterprises has been trying to intervene in the mortgage business for a long time. DHFL is being bought for this purpose.
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