Shalby shares rise 6% after securing 30-year lease for Mumbai's Asha Parekh Hospital

Shalby shares have rallied almost 70 percent in the last year, outpacing the Nifty by a comfortable margin.

Shares of Shalby Limited advanced 6.6 percent to Rs 304 in the afternoon on July 11 after the company announced a 30-year lease for running the Asha Parekh Hospital in Santacruz, Mumbai.

In a filing on Wednesday, Shalby informed the exchanges that the Charity Commissioner of Mumbai approved an application submitted in November 2023. The approval grants Shalby a 30-year lease on the immovable property of Asha Parekh Hospital, also known as Smt Bhikhubai Chandulal Jalundwala General Hospital (BCJ), in Santacruz.

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The speciality chain hospital also added that the company will execute
lease agreement with the trust and obtain necessary approvals and
permissions for the construction of over 175 bedded new hospital facility at
Santacruz.

Shalby's consolidated net profit for Q1 FY25 fell by over 20 percent year-on-year to Rs 16.6 crore, down from Rs 20.8 crore in the same period last year. This decline was primarily due to total expenses for the quarter ending in June rising at a faster pace than revenue.

Shalby offers a wide range of tertiary and quaternary healthcare services, specializing in orthopaedics, complex joint replacements, cardiology, neurology, oncology, and renal transplants. The company is recognized as the global leader in knee replacement surgery and is among the top hospitals in India for joint replacement procedures.

At about 1:50 pm, shares of the company were trading at Rs 300, up 5 percent from the last close on the NSE. Shalby shares have rallied almost 70 percent in the last year, outpacing the Nifty by a comfortable margin.

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