The shares of Medanta hospital chain operator Global Health made their debut at a premium of 19% on Wednesday after it listed at Rs 401 a piece on NSE against its issue price of Rs 336.
The stock reached its high of Rs 455.70 Thursday. On Friday, the shares were trading at Rs 410 till the afternoon.
The company has been able to attract inflows from Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) soon after its listing.
As per the NSE bulk deals, global investment agency Nomura India Investment Fund bought 15 lakh Medanta shares on November 16th through a bulk deal paying ₹414.57 apiece which is worth over Rs 62 crore.
DII Motilal Oswal Mutual Fund also bought 36.30 lakh shares of the company on the same day at Rs 401 apiece.
Global Health is one of the largest private multi-speciality tertiary care providers operating in North and East India. It has a network of five hospitals under the ‘Medanta brand in Gurugram, Indore, Ranchi, Patna, and Lucknow.
Analysts remain bullish on the stock. Here’s what they have to say:
“Medanta shares managed to attract bulls’ interest despite a sideways trend in Thursday’s session. So, short-term investors can expect this stock to hit around ₹465 to ₹480 apiece levels (an upside of 20%). Fresh entry can be done at current levels, maintaining stop loss below ₹390 apiece levels.” – IIFL Securities
“Medanta has strong brand value, new hospital addition, rise in Average Revenue Per Occupied Bed (ARPOB), a pick up in medical tourism, increasing affordability for healthcare services, and promising industry outlook.”- Geojit Financial Services
Written by Anoushka Roy
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