India's Rainbow Children's Medicare hits near 6-month high on Q4 profit jump

Rainbow Childrens Medicare

15/05/2023 06:28

** Shares of Rainbow Children's Medicare Ltd  RAIB.NS  rise
as much as 4.3% to 886 rupees, hitting their highest since Nov.
16, 2022
    ** The paediatric hospital chain reports a more than
four-fold jump in March-qtr consol net profit, which came in at
536 million rupees ($6.55 million) compared to 121.9 million
rupees a year earlier
    ** Profit rise aided by increase in occupancy rate, which
stood at 58.82% in Q4 compared to 39.64% a year earlier 
    ** Rev from ops rose 49.2% to 3.17 billion rupees; board
recommended a dividend of 3 rupees per share 
    ** Stock continues trading above its 50-, 100-, and 200-day
moving averages since April 17
    ** RSI above 70, at 74.31, suggesting the stock is
overbought; MACD line above the signal line since May 11,
indicating bullish momentum
    ** Stock posts its sharpest intraday pct gain since April
17; to snap a fourth consecutive session of gain, if trends hold
    ** More than 349,170 shares change hands by 10:42 a.m. IST,
2.4x the 30-day avg
    ** Stock up 14.9% so far this year, up to last close

($1 = 81.7800 Indian rupees)

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