Dr. Lal PathLabs hits highest level since listing

The stock has soared 11% to Rs 947, its highest level since listing on the bourses in December last year

Shares of Dr. Lal PathLabs has soared 11% to Rs 947, its highest level since listing on the bourses in December last year.

The diagnostic chain operator Dr Lal PathLabs had raised Rs 632 crore by issuing shares at price of Rs 550 per share via initial public offer (IPO).

The company had posted an over two-fold jump in consolidated net profit at Rs 60.82 crore for the third quarter ended December 31, 2015 (Q3FY16). It had posted profit of Rs 22.66 crore for the corresponding period of the previous fiscal.

Dr. Om P Manchanda, whole-time director and CEO of Dr. Lal PathLabs said normally Q3 is the lower quarter not only because of festival but also because of healthy season as we move into winters. Our highest quarters are Q2 and next one is Q4.

On annual budget 2016-2017, Dr. Om Manchanda said “the Union Budget 2016 proposal for healthcare covering weaker section of the society is a path breaking step. The proposed health coverage is to Rs 1 lakh per family and additional top up of Rs 30,000 for senior citizens below poverty line is essential to bring the poor under the healthcare umbrella.”

At 10:02 AM, the stock was up 8% at Rs 919 on the BSE as compared to 0.74% rise on the S&P BSE Sensex. The trading volumes on the counter jumped over five-fold with a combined 285,325 shares changed hands on the BSE and NSE so far.