Financial Daily from THE HINDU group of publications
Wednesday, Dec 22, 2004
Financial Daily from THE HINDU group of publications Wednesday, Dec 22, 2004 |
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Markets
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Stock Markets Nicholas Piramal stock falls as family denies rift Our Bureau
Mumbai , Dec. 21 THE Nicholas Piramal India stock fell on Tuesday by Rs 24.45 to close at Rs 1,355 on the BSE. The stock that has been in step with the rising trend seen in the market saw a dip on Tuesday against the backdrop of reports of a split in the family business appearing in a section of the media, which was denied by the company. The Piramal family issued a joint statement here denying the report and calling it baseless. "All the businesses of Piramal group are in high growth areas," said Mr Ajay Piramal, Chairman of the Rs 3,000-crore Piramal Enterprises Ltd (PEL) in a joint statement with Ms Urvi A. Piramal, Vice Chairperson of PEL. The new patent regime starting January 1, 2005, and the dismantling of the quota regime and the Multi Fibre Agreement (MFA) in the textiles segment have opened up opportunities for the company, the note said. "In order to leverage all the above opportunities and also to maintain the highest standards of corporate governance, each business has been given individual focus and is run by a strong management team. This takes care of the interests of all the stakeholders and creates enhanced value for shareholders," the release added. Giving details on the corporate structure at the helm of the company, the company said, Mr Ajay G. Piramal has been the Chairman of PEL since 1984. He has also been chairman of companies of the Piramal group and continues to occupy that position. Ms Urvi A. Piramal is the Vice-Chairperson of PEL and also on the board of Nicholas Piramal India Ltd (NPIL) and Gujarat Glass (P) Ltd, in addition to other companies of PEL, the note said. The members of the Piramal family continue to hold shares in various companies in the Piramal group, the note added.
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