During Wednesday’s trading session, the shares of India’s leading health benefits administrator gained 13 percent to a new 52-week high of Rs. 689.35 on BSE, after Morgan Stanley, Goldman Sachs, HDFC Mutual Fund (MF), ICICI MF and others, bought stakes in the company through a bulk/block deal worth a total of nearly Rs. 611.1 crores.
With a market capitalization of Rs. 4,803 crores, at 01:42 p.m., the shares of Medi Assist Healthcare Services Limited were trading in the green at Rs. 652.35, up by nearly 7 percent, as against its previous closing price of Rs. 610.15.
What’s the News:
The bulk/block deal data of 3rd September from the NSE reveals that: Aditya Birla Sun Life MF, HDFC MF, ICICI Prudential MF, and Sundaram MF collectively purchased nearly 54.01 lakh equity shares of Medi Assist Healthcare Services, at an average price of Rs. 611.7 per share, resulting in a total transaction value of about Rs. 330.4 crores.
Aditya Birla Sun Life Insurance Company Ltd. and SBI General Insurance Company Ltd. each purchased 1.63 lakh equity shares for Rs. 20 crores at the same price per share.
In addition, several foreign investors, including Citigroup Global Markets Mauritius Private Limited, Goldman Sachs Funds, Invesco MF, Mediolanum Best Brands, Morgan Stanley Asia Singapore, New York State Teachers Retirement System, Rising India Focus Fund Limited, Smallcap World Fund Inc., and Societe Generale, collectively bought around 42.62 lakh shares in the company, bringing the total deal value at Rs. 260.7 crores.
On the sellers’ side, promoter Bessemer India Capital Holdings II Limited and foreign investor Novo Holdings sold 94.9 lakh shares (13 percent stake) worth Rs. 580.5 crores and 5 lakh shares (0.71 percent stake) for Rs. 30.58 crores, respectively.
As of June 2024, Bessemer India Capital Holdings held a 29.22 percent stake, while Novo Holdings held a 5.95 percent stake 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.
Stock Performance
Shares of Medi Assist Healthcare Services have delivered positive returns of nearly 47 percent in one year as well as around 34 percent in the last six months. So far in 2024, the stock has given about 46.5 percent of positive returns.
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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