Overseas listing buzz lifts Apollo Hospital

DALAL STREET SPIKES

In a subdued market, Apollo Hospital spurted 8.09 per cent to close at Rs 216.25 following rumours that the company is planning to list its shares in the overseas market.

The stock in intra-day trades hit a high of Rs 229.80 with volumes accounting for 5.59 lakh shares at the BSE.

According to market sources, the rumours of company planning an overseas listing is attracting buying interest by market participants. The stock in the last eight trading sessions has risen by 40 per cent from a low of Rs 154 on March 31 to today's close of Rs 216.25.

According to sources, few operators are punting at this stock also in anticipation of impressive current quarter results.

The company for the quarter ended December 31, 2003 registered a 72 per cent rise in net profit at Rs 10 crore as against Rs 5.80 crore in the same quarter last year. Company's net sales increased by 13 per cent to Rs 125.70 crore as against the earlier Rs 110.90 crore.