Metropolis Healthcare rebounds on bargain hunting

Metropolis Healthcare rose 1.12% to Rs 1273 amid bargain hunting after a recent slide.

The stock lost 7.56% in two sessions to end at Rs 1,258.15 yesterday, from its recent closing high of Rs 1,361.05 on 9 April 2020.

The stock slumped 6.28% in a single trading session to end at Rs 1258.95 on Wednesday (15 April) after the counter witnessed series of bulk deals.

As per the bulk deal data on the exchanges, CA Lotus Investments, an investment arm of Carlyle group, sold 65.51 lakh shares, or 13.05% equity, of Metropolis Healthcare through a bulk deal on the BSE. It held 14.31% stake of Metropolis as on 31 December 2019.

CA Lotus Investments executed the deal in two tranches. It sold 32.76 lakh shares, or 6.53% equity, at average prices of Rs 1,152.64. It sold another 32.75 lakh shares, 6.52% equity, at average prices of Rs 1,160.64.

Smallcap World Fund bought 10 lakh shares, or 1.99% equity, at average prices of Rs 1,152.50 on the BSE.

Metropolis Healthcare is a diagnostics company in India with a widespread presence across 19 states in India.

On a consolidated basis, the company's net profit jumped 34.8% to Rs 42.07 crore on a 17% rise in net sales to Rs 222.85 crore in Q3 December 2019 over Q3 December 2018.

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