India's diagnostic firms rise amid uptick in new COVID cases

ICICI Securities

21/12/2023 08:16

** Shares of Indian diagnostic firms including Dr. Lal PathLabs
 DLPA.NS , Metropolis Healthcare  METP.NS  and Thyrocare
Technologies  THYO.NS  rise over 4% 
    ** METP hits its peak since April 5, 2022, and THYO achieves
its highest level since Dec. 22, 2022
    ** DLPA posts biggest intraday gain since Nov. 3
    ** Between 2020 and 2021, diagnostic firms in India made
profits from testing for Coronavirus infection among millions of
patients; since India eased pandemic curbs, profits have waned 
    ** India reports 594 new daily cases of COVID, up about 151%
from a week ago - Health Ministry data
    ** "During the COVID-19 pandemic, diagnostic companies
emerged as major beneficiaries, benefiting from the surge in
demand for COVID testing. Alongside this, there was an increase
in the demand for various medical supplies, including devices,
injections, oximeters, and more," says Abdulkader Puranwala,
assistant vice president, ICICI Securities 
 

 (Reporting by Navamya Ganesh Acharya and Rama Venkat in
Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))