Metropolis Healthcare rises after acquisition

Metropolis Healthcare rose 1.01% to Rs 1,645.50 after the company said it acquired 51% stake in Shraddha Diagnostic Centre for Rs 9.36 crore.

Shraddha Diagnostic Centre provides pathological and diagnostic services. The acquisition will strengthen he presence of the company in Gujarat. The announcement was made after trading hours yesterday, 16 January 2020.

Shares of Metropolis Healthcare fell 3.7% in the past two trading sessions to settle at Rs 1,629 yesterday, 16 January 2020, from its close of Rs 1,691.85 on Tuesday, 14 January 2020.

The stock surged 71.48% in the past one year. It is currently trading 4.31% lower than its 52-week high of Rs 1,719.70 attained on Tuesday, 14 January 2020.

On the technical front, the stock's RSI (relative strength index) stood at 70.081. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading between its 5-day moving average (DMA) placed at Rs 1,668.87 and 10-DMA placed at Rs 1,579.46.

Metropolis Healthcare's consolidated net profit grew 41% to Rs 42.98 crore on 15.6% rise in net sales to Rs 223.28 crore in Q2 September 2019 over Q2 September 2018.

Metropolis Healthcare provides pathology services. The company offers a range of clinical laboratory tests and profiles, which are used for prediction, early detection, diagnostic screening, confirmation and monitoring of the disease.

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