Share of Fortis Healthcare hit its all-time high today after global research house Goldman Sachs maintained a buy call with a target of Rs 295 a share.
The stock touched fresh peak of Rs 267.95, rising 4.08% on BSE.
The pharma share has gained 11% in the last 2 days. Fortis Healthcare share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
In a year, the stock has risen 94% and gained 69.64% since the beginning of this year.
Market cap of the firm rose to Rs 19,851 crore on BSE. Total 4.87 lakh shares changed hands amounting to turnover of Rs 12.81 crore.
The share touched 52 week low of Rs 123.30 on October 30,2020.
Goldman Sachs has raised FY23-24 earnings per share estimates by up to 13 percent and retained a constructive view.
There is an improving mix in the hospital occupancy and B2C push in diagnostics leading to narrow operating metrics gap versus the peers. However, there's a scope for turning around laggard hospitals, it added.
In June quarter of the current fiscal, the firm reported a consolidated net profit of Rs 430.61 crore, helped by an exceptional gain from the remeasurement of stake held in SRL-DDRC joint venture. The company had posted a consolidated net loss of Rs 187.88 crore in the same quarter last fiscal, Fortis Healthcare said in a regulatory filing.
Consolidated revenue from operations stood at Rs 1,410.31 crore in the first quarter of this fiscal as against Rs 605.95 crore in the year-ago period.
The consolidated results include an exceptional gain of Rs 306 crore on remeasurement of the previously held equity interest of diagnostic chain SRL (owned by Fortis Healthcare) in the SRL-DDRC joint venture at its fair value post acquisition of the balance 50 per cert stake in the JV in April 2021, the company said in a statement.
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