During Monday’s trading session, the shares of India’s leading health benefits administrator gained 9 percent to hit a new 52-week high at Rs. 715 on BSE, after HDFC Mutual Fund (MF), ICICI Prudential MF and others, bought stakes in the company through a bulk deal worth a total of nearly Rs. 136.52 crores.
With a market capitalisation of Rs. 4,975.4 crores, at 01:53 p.m., the shares of Medi Assist Healthcare Services Limited were trading in the green at Rs. 704, up by nearly 7.3 percent, as against its previous closing price of Rs. 656.1.
What’s the News:
The bulk deal data of 13th September from the NSE reveals that: HDFC MF and ICICI Prudential MF collectively purchased nearly 17.5 lakh equity shares in Medi Assist Healthcare Services, at an average price of Rs. 635 per share, resulting in a total transaction value of about Rs. 111.12 crores.
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Additionally, Aditya Birla Sun Life Mutual Fund also purchased 4 lakh equity shares, representing a 0.05 percent stake, for Rs. 25.4 crores, at the same price.
On the sellers’ side, promoter Medimatter Health Management Private Limited offloaded 33.3 lakh shares (equivalent to a 4.69 percent stake) worth Rs. 211.56 crores, at an average price of Rs. 635.33 per share.
As of June 2024, Medimatter Health Management held a 9.63 percent stake, or nearly 67.71 lakh equity shares, in Medi Assist Healthcare Services.
Financials:
The company experienced significant growth in its revenue from operations, showing a year-on-year rise of around 19.2 percent from Rs. 141 crores in Q1 FY24 to Rs. 168 crores in Q1 FY25.
Similarly, its net profit increased marginally during the same period from Rs. 18 crores to Rs. 19 crores, indicating a rise of nearly 5.5 percent YoY.
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Stock Performance
Shares of Medi Assist Healthcare Services have delivered positive returns of nearly 53.3 percent year-to-date, as well as around 55 percent returns in the last six months.
About the Company:
Incorporated in 2000, Medi Assist Healthcare Services Limited is primarily engaged in the business of providing TPA services to insurance companies through its wholly owned subsidiaries, Medi Assist TPA and Raksha TPA.
Written by Shivani Singh
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