Shares of Aster DM Healthcare Ltd. rose more than 5% on Friday after its acquired an additional stake in the Malabar Institute of Medical Sciences Ltd.
The company acquired a 2.36% stake in the subsidiary from several minority shareholders, increasing its holding from 76.01% to 78.37%, according to an exchange filing on Thursday.
HSBC Global Research recently maintained a 'buy' on the stock, with a price target of Rs 330 per share, saying the company may improve its stock performance if it sells its Gulf business.
Shares of Aster DM rose 2.57% to Rs 318.80 apiece as of 11 a.m., compared to a 0.38% decline in' the Nifty 50. The scrip jumped as much as 5.53% intra-day.
The average traded volume so far in the day stood at 5.5 times its monthly average.
Of the nine analysts tracking the company, eight maintain a 'buy' rating on the stock and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 1.4%.
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