Shares of Park Medi World Ltd, which operates a hospital chain under the Park brand, ended with a gain of nearly 9 per cent even as Sensex dived 607.08 points to settle at 76,802.90 and Nifty fell 154.90 points to close the session at 24,013.10. Despite heavy selling and profit booking, the stock opened in the green at Rs 255.75, up from the previous close of Rs 255.35, on the BSE. Amid a spurt in trading volume by more than 2.96 times, the stock gained to an intraday high of Rs 280.85, representing a gain of nearly 10 per cent, and locked in the upper circuit. The scrip ended the trading session at Rs 278.25 with a gain of Rs 22.90 or 8.97 per cent. The market cap of the company stood at Rs 12,018.48.
On the National Stock Exchange (NSE), the stock ended at Rs 277.60, representing a gain of Rs 22.35 or 8.76 per cent.
Relative strength index
The scrip outperformed the sector by 8.56 per cent and has been gaining over the last 2 days, resulting in a 9.61 per cent gain over the period. Technically, the stock traded higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The stock’s 14-day relative strength index (RSI) is 43.14. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
85.81% YTD return
According to BSE Analytics, the stock has gained 85.81 per cent on a year-to-date (YTD) basis, compared to the correction of 9.84 per cent in the benchmark index. After a weak market debut, the stock has gained 79.46 per cent. For the uninitiated, the stock was listed at Rs 155.60, a 3.95 per cent discount to the issue price, on the BSE. During the day, it had tanked 9.35 per cent to Rs 146.85. At the NSE, the stock started trading at Rs 158.80, down 1.97 per cent.
Is there more steam left?
The stock has gained significantly after the listing, but brokerage firm Emkay Global has initiated its coverage on the stock, suggesting a BUY call and expecting a 37.3 per cent upside. IT has set a target price of Rs 350 with a perspective till March 2027.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
