Apollo Hospitals stocks hit 52-week high after strong Q4 results and positive market sentiment

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Apollo Hospitals Shares touched a 52-week high on the New York Stock Exchange on Friday after rising for the third day in a row since the company’s results for the fourth quarter and fiscal year 23 on Tuesday.

Apollo Hospitals shares, which closed at 4,814.25 on Thursday, reached an intraday and 52-week high of $5,002.20 each on the NSE on Friday. The shares closed at ₹4,960 per share, up 3.03 percent from Thursday’s closing price.

Tuesday, Apollo Hospitals announced its fourth quarter results and fiscal year ’23 results. The Chennai-based healthcare group reported a 51 per cent growth in its consolidated net profit for the fourth quarter at ₹ 146 crore as against a net profit of ₹ 97 crore for the corresponding quarter of FY22. Consolidated revenue from operations increased by 21 per cent year-on-year to 4 302 crore (Rs. 3,546 crore) during the fourth quarter of FY23. Shares of Apollo Hospitals are up around eight per cent since then.

Kranthi Bathini, director of research at WealthMills Securities, attributed the rise to Apollo Hospitals’ better-than-expected fourth-quarter results and general momentum in the stock market, which pushed more than 150 stocks on the NSE stock exchange to a 52-week high on Friday.

He also added that hospital and healthcare stocks have been lagging over the past few months and are now catching up.

Rising brokers

Several brokerages are also bullish on Apollo Hospitals and issued buy calls following the company’s fourth-quarter results.

The NSE Healthcare Index rose 0.76 percent on Friday at 8,353.95 points against the benchmark NSE, which closed 0.25 percent higher at 18,534.10 points on Friday.