Shares of North India-based hospital chain Park Medi World are in action today, even as equity benchmark indices Sensex and Nifty declined on Tuesday amid fresh tensions in the Strait of Hormuz region. The rupee falling to all-time low of 95.40 against US dollar in early trade also added to the weak trend in equities. The 30-share BSE Sensex declined 361.62 points to 76,907.78 in early trade. The 50-share NSE Nifty dropped 134.90 points to 23,980.60. Amid this, the stock opened in the red at Rs 240 against the previous close of Rs 240.20 on the BSE. The stock advanced to touch the high of Rs 245.40, also the fresh 52-week high of the stock. The 52-week low of the counter is Rs 138.15
However, the stock witnessed profit booking and fell to touch the low of Rs 239, representing a drop of Rs 1.2 per cent or 0.49 per cent.
Announces incorporation of step-down subsidiaryย
The action in the stock comes as the company has informed exchanges about the incorporation of a new step-down subsidiary to further its reach in the healthcare and ancillary services sector.
The company said that its subsidiary, Park Medicenters & Institutions Private Limited, has approved the formation of a wholly-owned subsidiary.ย
The new entity is expected to be named “Healplus Medical Services Private Limited” or “Healplus Healthcare Private Limited,” pending final approval from the Ministry of Corporate Affairs.
Acquires KP Institute of Medical Sciences for Rs 245 crore
Earlier, the company announced the acquisition of Agra-based KP Institute of Medical Sciences (KPIMS) in an all-cash deal worth Rs 245 crore.
The transaction covers the purchase of the entire existing shareholding of KPIMS and is expected to strengthen Park Medi World’s hospital network in northern India. The acquisition adds a tertiary-care hospital with a total capacity of 360 beds to the Park Group’s portfolio, the company said.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)