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Piramal Enterprises gains after forming JV with Navin Fluorine
Source: IRIS | 28 Aug, 2014, 10.04AM
Rating: NAN / 5 stars.
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Piramal Enterprises shares gained on Thursday after the company and Navin Fluorine International, have agreed to form a joint venture company to develop, manufacture and sell specialty fluorochemicals with specific focus on applications in healthcare.

Piramal will hold 51% of the equity share capital of the proposed joint venture company and the remaining 49% will be held by Navin. In the first phase of development, the JV is expected to invest around Rs 1.20 billion in India.

Shares of the company are trading at Rs 703, up Rs 22.85, or 3.36% at the Bombay Stock Exchange (BSE) on Thursday at 9:52 a.m.

The scrip has touched an intra-day high of Rs 710 and low of Rs 687. The total volume of shares traded at the BSE is 3,594.
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