Apollo Hospitals inches up after completing acquisition of Assam Hospitals

Apollo Hospitals Enterprise rose 0.68% to Rs 1,424.40 at 9:16 IST on BSE after the company said it has completed the acquisition of a 51% majority stake in Assam Hospitals, Guwahati.

The announcement was made on Saturday, 12 March 2016.

Meanwhile, the S&P BSE Sensex was up 197.34 points or 0.8% at 24,915.33.

On BSE, so far 639 shares were traded in the counter as against average daily volume of 14,906 shares in the past one quarter. The stock hit a high of Rs 1,428.75 and a low of Rs 1,421 so far during the day. The stock had hit a record high of Rs 1,544 on 2 March 2016. The stock had hit a 52-week low of Rs 1,131.80 on 30 April 2015. The stock had underperformed the market over the past one month till 11 March 2016, declining 0.79% compared with the Sensex's 7.7% rise. The stock had, however, outperformed the market in past one quarter, gaining 2.38% as against Sensex's 1.3% fall.

The large-cap company has equity capital of Rs 69.56 crore. Face value per share is Rs 5.

Apollo Hospitals Enterprise said that the acquisition of 51% controlling stake in Assam Hospitals is in the form of a primary issuance of shares for a cash consideration of Rs 57.25 crore. The proceeds will be utilitised for refurbishing the hospital including addition of new equipments as well as towards expansion of the existing hospital block. Assam Hospitals recorded turnover of Rs 83.10 crore the the financial year ended 31 March 2015.

Apollo Hospitals Enterprise's net profit rose 15% to Rs 109.23 crore on 16.7% growth in net sales to Rs 1380.52 crore in Q3 December 2015 over Q3 December 2014.

Apollo Hospitals is one of Asia's largest healthcare groups.

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