Apollo Hospitals up on stake divestment buzz

DALAL STREET SPIKES

Apollo Hospital stock was in limelight after the company announced that the board will meet on September 2 to consider an issue of up to 2.08 million shares at Rs 246 each to Singapore's Temasek Capital (Private) Ltd. The stock gained 3.91 per cent on today.

The placement is at a premium to Monday's closing of Rs 219.35. The stock hit an intra-day hit a high of Rs 220 with volumes accounting for more than 1.58 lakh shares on the BSE. The shares if issued to Temasek Capital would have a lock in period of one year from the date of allotment.

Analysts said that there was fresh buying at this counter on news of a FII buying some stake in the company. For the quarter ended June 30, 2004, the company posted a net profit of Rs 10.5 crore.