India's Max Healthcare rises on plans to buy stake in Jaypee Healthcare

Max Healthcare Institute

17/09/2024 10:27

** Shares of Max Healthcare  MAXE.NS  rise about 2.5% to 954
rupees apiece
    ** The hospital chain on Friday announced an agreement with
Lakshdeep Group to buy a 64% stake in Jaypee Healthcare at an
enterprise value of 16.60 bln rupees ($198.31 mln)
    ** Jaypee Healthcare is currently undergoing the corporate
insolvency resolution process
    ** Acquisition expands presence of MAXE in Noida and is in
line with the strategy to leverage cash to boost growth through
inorganic initiatives, says Ambit
    ** Brokerage terms it its second best pick in hospitals
segment after Narayana Hrudayalaya  NARY.NS  
    ** The mean recommendation of 16 analysts tracking MAXE is
"buy"; target price is at 947.50 rupees, around current levels 
- LSEG data
    ** Stock up 39% in 2024 so far, mirroring the performance of
Nifty healthcare index  .NIFHEIN  - Exchange data

   ($1 = 83.7080 Indian rupees)
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))