India's Aster DM up as sale of majority stake in Gulf business nears completion

Aster DM Quality Care

20/03/2024 10:02

** Shares of Aster DM Healthcare  ATRD.NS  rise as much as
9.2% to 467.95 rupees; last up 1.9%
    ** Indian hospital chain says the separation of its India
and Gulf Cooperation Council (GCC) businesses and proposed
investment by Fajr Capital-led consortium are nearing completion
    ** Adds, in India, promoters to continue holding their
stake; plans outlay of 8.5 bln rupees-9 bln rupees (nearly $102
mln-$108 mln) for expansion plans 
    ** Five analysts covering the stock, on average, have a
"strong buy" rating; median PT is 480 rupees - LSEG data
    ** Stock rose 77% in 2023, recording best yearly gains since
listing in 2018; up about 6.5% YTD

($1 = 83.1463 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))