Meanwhile, the S&P BSE Sensex was up by 160.48 points, or 0.41% to 38,896.71.

On the BSE, 1.06 lakh shares were traded in the counter so far compared with average daily volumes of 75,000 shares in the past two weeks. The stock had hit a high of Rs 2088.90 and a low of Rs 1950 so far during the day. It hit a 52-week high of Rs 3,302.55 on 31 August 2018 and a 52-week low of Rs 1,706.10 on 20 June 2019.

CRISIL has reaffirmed its 'CRISIL A1+' rating on the commercial paper programme of Piramal Capital and Housing Finance (PCHFL). The entity was formed as a 100% subsidiary of Piramal Finance (PFL). Subsequently, the board of Piramal Enterprises (PEL), the parent of erstwhile PFL, approved a scheme of amalgamation of PFL and Piramal Capital (PCL) into PCHFL. PCL was a subsidiary of PEL and had limited operations.

Meanwhile, media reports suggested that the company was on the verge of finalising a massive Rs 9,600 crore capital infusion deal with Softbank and one more party. The capital infusion in Piramal Enterprises is likely to be in two tranches, and will be announced shortly.

The report said Softbank is interested in Piramal Group because Ajay Piramal, as well as his in-law Mukesh Ambani, have been discussing a new business together in which Softbank sees strong potential. Reliance Jio and the Piramal Group may set up a joint venture for consumer lending and fintech, reports added.

On a consolidated basis, Piramal Enterprises's net profit fell 88.4 % to Rs 456.86 crore on a 23% rise in the net sales to Rs 3679.67 crore in Q4 March 2019 over Q4 March 2018.

Piramal Group is a global business conglomerate with diverse interests in pharma, financial services, healthcare information management, real estate and glass packaging.