Shares of this small-cap healthcare stock jumped approximately 3 percent in Thursday’s trading session after the company signed an agreement with Maharashtra Government for various Medical Imaging Techniques.
With a market capitalization of Rs 1,901.87 crores, the stocks of Krsnaa Diagnostics Limited started their trading session on Thursday at Rs 587.35 and closed the session at Rs 589, gaining around 3 percent compared to the previous closing level of Rs 575.35 apiece.
Such bullish movements in the company’s share price were witnessed after the company, through a recent regulatory filing with the Bombay Stock Exchange (BSE) dated 1st May 2024, intimated about signing an agreement with the Commissioner, National Health Mission, Government of Maharashtra.
According to the agreement, the company will provide Computed Tomography (CT) Scan and Magnetic Resonance Imaging (MRI) Scan services in 17 different Districts of the state at various hospitals under the Authority. Being a new tender, the size of the contract is yet to be estimated.
The agreement mentioned above is one of the largest govt partnerships for MRI diagnostic services reinforcing the company’s position as a preferred service provider for diagnostics services.
During the recent financial quarters, the company’s basic business indicators, viz, its operating revenues as well as after-tax profits, showed some marginal movements with the former jumping from Rs 147 crores during Q2FY24 to Rs 152 crores during Q3FY24, and the latter, during the same period, rose from Rs 11 crores to Rs 14 crores.
According to the latest presentations, the company, as of Q3FY24, provided key developments of business, some of which include being shortlisted for various MRI and CT services as well as providing HPLC tests in Maharashtra. Moreover, the company also got shortlisted for providing MRI services in 5 districts in Madhya Pradesh.
Incorporated in 2010, Krsnaa Diagnostics Limited is an India-based company offering a wide range of diagnostic services such as routine clinical laboratory tests, imaging/radiology services, pathology, and tele-radiology services to various parties such as medical colleges, private & public hospitals, and community health centers.
Written by Amit Madnani
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