• Source:JND

Healthcare Stock: The shares of north India-based Hospital chain 'Park Medi World Ltd' soared over eight per cent in early trade on Monday after the company announced that it will acquire 100 per cent of the outstanding shareholding of The Medicity Hospital, Rudrapur, in an all-cash transaction valued at Rs 177 crore.

The healthcare stock started the session in green amid a rally in the stock market at Rs 264.50 as compared to the last day's closing of Rs 259.19 on NSE. Experiencing buying interest post the acquisition announcement, the stock escalated the rally to hit a fresh 52-week high at Rs 282.30, up over 8 per cent against the last closing.

Last seen, the stock was trading at Rs 278.25, up Rs 19.06 or 7.35 per cent.

Share Price History: 80% Rally This Year Till Date

The healthcare stock made its stock market debut in December last year. The stock has been on an impressive upward momentum as it rose over 80 per cent this year so far. In the last five trading sessions, the scrip jumped over 14 per cent, and in a month, the stock soared over 17 per cent. In the last six months, the Park Medi World shares were up 85 per cent.

Meanwhile, the domestic equity indices Nifty and Sensex were trading sharply higher amid buying momentum.  

Acquisition Update

With this acquisition, Park Group entered Uttarakhand, expanding its presence to its sixth state. Medicity Hospital in Rudrapur is a 330-bed multi-super speciality healthcare institution.

"This acquisition is consistent with the company's growth strategy, which seeks to maximise operational synergies and achieve economies of scale through strategic deployment of assets in high-potential, underserved markets," Park Medi World stated.

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Dr Ankit Gupta, Managing Director, Park Medi World Limited, said, “This acquisition is a significant milestone in our strategic journey to build a world-class, pan-North India healthcare network.”

Disclaimer: This story is for informational purposes only. It should not be considered as investment advice.


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