Apollo Hospitals shares touched a 52-week high on NSE on Friday after rallying for the third straight day since the company’s Q4 and FY23 results on Tuesday.
Shares of Apollo Hospitals, which closed at 4,814.25 apiece on Thursday, touched an intraday and 52-week high to ₹5,002.20 apiece on NSE on Friday. The stocks closed at ₹4,960 per share, 3.03 per cent higher from Thursday’s closing price.
On Tuesday, Apollo Hospitals announced its fourth quarter and FY23 results. The Chennai-based healthcare group posted a 51 per cent growth in its consolidated net profit for the fourth quarter at ₹146 crore against a net profit of ₹97 crore for the corresponding quarter of FY22. Consolidated revenue from operations increased by 21 per cent y-o-y to ₹4,302 crore (₹3,546 crore) during Q4FY23. Apollo Hospitals shares have rallied nearly eight per cent since then.
Kranthi Bathini, Director of Research at WealthMills Securities, attributed the rally to Apollo Hospitals’ better-than-expected Q4 results and overall momentum in the equity market, which pushed over 150 stocks on NSE to their 52-week high on Friday.
He also added that hospital and healthcare stocks have been laggards for the past few months and are now catching up.
Several broking firms are also bullish on Apollo Hospitals and have issued buy calls after the company’s Q4 results.
The NSE Healthcare index was up 0.76 per cent higher on Friday at 8,353.95 points against benchmark index NSE, which closed 0.25 per cent higher at 18,534.10 points on Friday.