Narayana Hrudayalaya shares jumped more than five percent to a four-month high of Rs 744 on Tuesday, a day after the hospital chain announced plans to acquire a 100-bed orthopedic and trauma hospital at Narayana Health City campus in Bengaluru for Rs 200 crore.
The company will buy the hospital from Shiva and Shiva Orthopaedic Hospital on a slump sale basis. The stock was trading 2.7 percent higher at Rs 726 on BSE at the time of writing.
ICICI Direct maintains a positive outlook on NH stock. Bengaluru and Kolkata are two key markets where the company is expanding. According to brokerages, the company has guided capex for the year ending March 2023 to be around Rs 1,000 crore.
On September 5, the Bengaluru-based company had said in a regulatory filing "We hereby inform that Narayana Hrudayalaya Ltd today September 2022 has signed a Business Transfer Agreement with Shiva and Shiva Orthopaedic Hospital Private Ltd to acquire its Orthopedic and Trauma Hospital (“Sparsh Hosur Road” unit), situated at Narayana Health City campus, Bommasandra Industrial Area, Bengaluru as a going concern on slump sale basis as defined under the Income-tax Act, 1961 for aggregate cash consideration of INR 2 billion."
The acquisition will add the orthopedic speciality and will supplement the other specialities of its Health City operations by supporting trauma patients for cardiac, renal, pulmonary, neuro, and other multi-organ treatments, thereby increasing the breadth of our multispecialty program at our flagship campus, it added, the company added.
-With agency inputs
First Published: Sept 6, 2022 1:15 PM IST
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