Panacea Biotec up nearly 4% on Narayana Hrudayalaya deal

Shares of Panacea Biotec today rose by nearly 4 per cent after the company entered into an agreement with Narayana Hrudayalaya to sell its subsidiary NewRise Healthcare for an enterprise value of Rs 180 crore.
Shares of the company jumped 3.61 per cent to settle at Rs 164.85 on BSE. During the day, it gained 9.61 per cent to Rs 174.40.
At NSE, shares of the company rose by 2.94 per cent to close at Rs 164.05.
The scrip of Narayana Hrudayalaya however, fell by 0.22 per cent to end at Rs 317.65 on BSE.
The company has "entered into a definitive agreement to acquire 100 per cent stake in NewRise Healthcare Pvt Ltd from Panacea Biotec Ltd to announce its first hospital in Gurugram", Narayana Hrudayalaya said in a BSE filing today.

NewRise Healthcare has set up a multi-speciality hospital in Gurugram which is in final stages of completion and is expected to be commissioned within the next nine months.