India's Medplus hits near 1-month high as Nomura initiates coverage

MedPlus Health Services

12/09/2022 10:41

** Shares of India's second-largest pharmacy chain Medplus
Health Services  MEDP.NS  rise as much as 5.6% to 777 rupees,
highest since August 17
    ** Nomura on Monday says it initiated coverage of MEDP with
price target of 925 rupees ($11.63)
    ** A step-up in store expansion would lead to Medplus
gaining market share within organised retail in the near to
medium term; Medplus is well funded - Nomura 
    ** New stores not only strengthen co's presence in existing
markets, but also expand into large markets such as Mumbai and
Tier 2,3 cities - Nomura
    ** More than 262,000 shares change hands by 905 GMT vs
30-day avg of 83,359 
    ** Five of the six analysts covering the stock have a "buy"
or "strong buy" rating, while one has "hold"; median PT is 870
rupees - Refinitiv data
    ** MEDP stock down over 29% from their listing open price in
Dec 2021 after a stellar debut

($1 = 79.5250 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))