Max Healthcare Institute Ltd completes sale of shares to achieve Minimum Public Shareholding equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
Bought by: SBI MF
Besides the qualified institutional placement (QIP), a key factor which has caught fund manager’s attention towards the stock of Max Healthcare is its buying of 42.8 per cent stake in Saket City Hospitals (South Delhi) from Kayak Investments Holding. The company already had 57.2 per cent in Saket City Hospitals. This increase in stake has come at a time India’s healthcare sector is growing given the increasing demand for beds and other ailments associated with the pandemic. The company has 16 healthcare facilities. Analysts estimate that the company is likely to maintain its return on capital employed in the range of 24-25 per cent for the next one year given its strong presence in metros, relatively high free cash flows and improving occupancy levels.
Indices traded sideways with decent gains in morning trade. The Nifty hovered above the crucial 15,000 mark. Metal and PSU bank stocks saw selling pressure while IT stocks advanced. Shares rose on bargain hunting after yesterday s steep correction.
At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 295 points or 0.59% at 50,690.92. The Nifty 50 index gained 75.35 points or 0.5% at 15,004.
In broader market, the S&P BSE Mid-Cap index was up 0.4% while the S&P BSE Small-Cap index was gained 0.52%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1476 shares rose and 1008 shares fell. A total of 138 shares were unchanged.
Max Healthcare Institute rose 1.93% to Rs 205.85 after the company said it acquired 42.8% equity stake in Saket City Hospitals (SCHL) from Kayak Investments Holding.Before the transaction, Max Healthcare Institute held 57.2% and Kayak Investments Holding held the remaining 42.8% stake in Saket City Hospitals.
Kayak held 51.94% stake in Max Healthcare as on 31 December 2020.
Max Healthcare Institute purchased 1.26 crore equity shares, representing 42.8% of the equity share capital of SCHL from Kayak. Following the transaction, SCHL has become a wholly-owned subsidiary of the company with effect from 15 March 2021. The consideration for the purchase of purchased shares is the INR equivalent to $64,246,702.
SCHL is engaged in the business of providing healthcare services in India, including sale of medicines in the course of delivery of healthcare services by way of Business to Business (B2B), construction services, supply, erecting and installation of equipment and other related s
Stocks in news: Tata Communications, MTAR Tech, Adani Green, Welspun, Max Healthcare, NIIT
Shares of Tata Communications, MTAR Tech, Adani Green, Welspun, Max Healthcare, NIIT, AU Small Finance Bank will be in focus in Tuesday s trading session
BusinessToday.In | March 16, 2021 | Updated 09:14 IST
Stocks to watch today: A Tata Communications, MTAR Tech, Adani Green, Welspun, Max Healthcare, NIIT, AU Small Finance Bank
The BSE Sensex and NSE Nifty are likely to open higher on Tuesday, tracking positive global cues and firm trading at Nifty futures on the Singapore Exchange. Among the individual stocks, shares of Tata Communications, MTAR Tech, Adani Green, Welspun, Max Healthcare, NIIT, AU Small Finance Bank and others will be in focus in Tuesday s trading session.