Indraprastha Medical shares surge after HDFC Bank sells stake
Upstox
2 min read • Updated: April 5, 2024, 5:37 PM
Summary
The stock price of Indraprastha Medical Corporation, a hospital operator partially owned by the Delhi government, rose by 19% intraday after HDFC Bank divested its stake in the company. The company’s stock price has more than tripled over the past year.
Shares of Indraprastha Medical Corporation (IMC), a hospital operator partially owned by the Delhi government, surged 19% on Friday after HDFC Bank sold a portion of its holdings in the company. This impressive rise comes on the heels of a more than 200% increase in IMC's stock price over the past year.
Between February 29 and April 4, HDFC Bank offloaded 27.8 lakh shares, representing 3.03% of Indraprastha Medical Corporation's total share capital, for ₹55.46 crore. After the stake sales, HDFC Bank retains a 2.45% stake in the company. The sale fueled a significant rise in IMC's stock price, which jumped 19% intraday to hit a new 52-week high of ₹249 per share. The stock then settled 17.4% higher at ₹243.90 per share.
Indraprastha Medical Corporation operates two hospitals in New Delhi and Noida. It's a joint venture between the Delhi government and Apollo Hospitals, a well-known healthcare chain in India.
Analysts are divided on the reasons behind the recent stock surge. Some believe it's a result of HDFC Bank's sale, suggesting it might be a strategic move by the bank and could indicate improved prospects for IMC. Others believe the surge reflects the overall growth of the Indian healthcare sector, fueled by rising healthcare awareness and increasing disposable income.
Looking ahead, it will be interesting to see if IMC can maintain its stock price momentum. The company's future performance will depend on factors such as its ability to navigate the ongoing controversy, its success in expanding its services and attracting patients, and the overall growth trajectory of the Indian healthcare market.