Shalby’s share surges after ace investor Veliyath buys 0.56% stake via bulk deal

Following the company’s December quarter performance, domestic brokerage firm ICICI Direct Research maintained its ‘Buy’ recommendation on the stock with a target price of Rs 180 per piece.

Shares of Shalby, a multi-speciality hospitals chain, surged today after ace investor Porinju Veliyath bought 6.1 lakh shares, or 0.56% stake in a bulk deal on March 28.

Veliyath-owned Equity Intelligence India has bought the shares in Shalby at an average price of Rs 117 apiece.

Taking the deal into consideration, the Indian investor and fund manager has invested around Rs 7.13 crore in the small cap company.

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Shalby’s share was trading at Rs 126.45 per piece, or around 8.2 percent higher than the previous close, on the BSE at 2.34 pm today. During the day the share touched a high of Rs 130.80 apiece.

The stock had hit a 52-week high of Rs 168 per piece in January, and has corrected sharply since then. However, in the last one year, the price has risen by more than 11 percent, while in the last three years, it has surged over 173 percent.

Shalby Hospitals is one of the largest chains of multispecialty hospitals and tertiary care centers in the country. The company offers treatment in over 35 medical disciplines, holding an aggregate capacity of over 2,062 beds with more than 500 active physicians and 3,000 employees, according to its official website.

Shalby’s net sales were at Rs 202.46 crore in December 2022, up 24.69 percent from Rs. 162.37 crore in the corresponding period in 2021.

Quarterly net profit was at Rs 15.29 crore in December 2022, up 18.1 percent from Rs. 12.94 crore in December 2021.

Following the company’s December quarter performance, domestic brokerage firm ICICI Direct Research maintained its ‘Buy’ recommendation on the stock with a target price of Rs 180 per piece.