Narayana Hrudayalaya shares gain on exiting hospital operations in Hyderabad

By: | Updated: April 5, 2016 4:56 PM

Since listing, the share price of Narayana Hrudayalaya plunged 14.49 per cent to Rs 287.90 on April 4 from Rs 336.70 on Jan 6. Sensex slid marginally 0.03 percent during the same period.

bse sensex, nse nifty, Narayana HrudayalayaNarayana Hrudayalaya shares climbed as much as 4.16 per cent after it announced that the company has decided to cease operations at its “Malla Reddy Narayana Multispecialty Hospital” in Hyderabad

Narayana Hrudayalaya shares climbed as much as 4.16 per cent after it announced that the company has decided to cease operations at its “Malla Reddy Narayana Multispecialty Hospital” in Hyderabad and entered into an agreement to sell the undertaking to Chandramma Educational Society.

At 2.56 pm, shares of Narayana Hrudayalaya were trading 3.20 per cent up at Rs 297.10. The scrip opened at Rs 290 and has touched a high and low of Rs 301.10 and Rs 287.40, respectively, in trade so far.

Later, the scrip closed 3.06 per cent up at Rs 296.70.

Malla Reddy Narayana Multispecialty Hospital was commissioned in July 2010 in Hyderabad on a 20-year lease with Chandramma Educational Society. This hospital with 195 operational beds reported revenues of Rs 32.20 crore, representing 2.7 per cent of consolidated operational revenues of Narayana Hrudayalaya, for the nine months period ending December 31, 2015.

For the quarter ended December 2015, the company reported a consolidated net profit of Rs 8.89 crore, up 200.34 per cent, against net loss of Rs 8.86 crore in the same quarter last year.

Since listing, the share price of Narayana Hrudayalaya plunged 14.49 per cent to Rs 287.90 on April 4 from Rs 336.70 on Jan 6. Sensex slid marginally 0.03 percent during the same period.

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