India's Aster DM Healthcare jumps on $120 mln expansion plans

Aster DM Quality Care

04/04/2024 10:09

** Shares of Aster DM Healthcare  ATRD.NS  rise as much as
11.8%, last up 7.9% 
    ** On track for steepest intraday gain since Nov. 
    ** The healthcare services provider said it plans to add
1700 beds by FY27, with projects in Indian states of Kerala,
Maharashtra, Uttar Pradesh
    ** Adds expansion cost in range of 10 bln rupees ($119.9
mln)
    ** Stock has been trading above its 200-day simple moving
avg since Feb. 2023, volumes at 5.7 times the 30-day avg 
    ** Analysts' avg rating on co is "Buy", their median PT is
480 rupees- a ~15% premium on last close
    ** Including session's gains, stock up ~10% this year

($1 = 83.4355 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))