Shares of Max Healthcare Institute Ltd. ended nearly 7 percent higher at Rs 480.10 on the BSE on Wednesday after 1.8 crore equity shares changed hands in a large trade.
The deal aggregating to 1.85 percent equity of the company amounted to Rs 807.1 crore. The shares were traded at an average price of Rs 451.5 per piece. Dealing rooms indicate that a leading foreign investor is likely to be the seller in this transaction.
In the past year, Max Healthcare’s stock has advanced more than 27 percent. At the current market price, Max Healthcare’s stock is 58 percent higher than its last 52-week low of Rs 306 per share, reached on August 25, 2022.
On Monday, Motilal Oswal initiated a ‘Buy’ rating on Max Healthcare’s stock, setting a price target of Rs 530 per share, which is a 9.6 percent upside from the stock’s current market price.
The brokerage firm believes the company has a proven track record of improving its hospital business’ profitability and sees it as a leading competitor to its peers across operational parameters.
It also expects the healthcare company to deliver a 16 percent compounded annual growth rate (CAGR) in terms of revenue, and 17 percent in terms of EBITDA over the financial years 2023-25.
