Aster DM Healthcare gains after deal for 2 hospital projects in Bengaluru

Aster DM Healthcare rose 2.85% to Rs 126.50 after the company said it signed lease agreements for the two new hospital projects in Bengaluru.

Aster DM Healthcare said that a 350-bedded hospital is coming up in Whitefield, Bengaluru in next 12-18 months. First 150 beds would be made operational by April 2020. It would also have a dedicated mother and child block.

Another hospital will be introduced in association with Karnataka Lingayat Education Society (KLE), which would be a 600 bedded multi-specialty quaternary care facility. The hospital is expected to be made operational by April 2024.

Meanwhile, the S&P BSE Sensex was down 271.35 points or 0.69% to 38,825.79.

On the BSE, 9669 shares were traded in the counter so far compared with average daily volumes of 22168 shares in the past one quarter. The stock hit a high of Rs 130 and a low of Rs 125.5 so far during the day.

The stock hit a 52-week high of Rs 175 on 19 October 2018. The stock hit a 52-week low of Rs 109.70 on 7 August 2019.

On a consolidated basis, the healthcare company's net profit fell 73.7% to Rs 3.26 crore on a 14.3% increase in the net sales to Rs 2028.59 crore in Q1 June 2019 over Q1 June 2018.

Aster DM Healthcare is one of the largest private healthcare service providers operating in multiple GCC states and is an emerging healthcare player in India.

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