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Apollo Hospitals surges as street loves growth in digital health services

Shares of Apollo Hospitals Enterprise Limited, surged nearly 4 per cent on Thursday, November 24, as Steet sentiment turned positive with the company cementing its position in digital health services and also strong momentum in app downloads. The counter opened at Rs 4630 on NSE and rallied 4 per cent to hit day’s high of Rs 4794.

Brokerage firm Credit Suisse in its report said that it is bullish on the counter and gave ‘outperform’ rating.

It said that Apollo 24/7 is scaling up to a leadership position in digital health and E-pharmacy app downloads have maintained strong momentum. Also, its physical network lends a distinct advantage to the company in terms of reaching out to customers.

“Easing of discounting level would benefit Medplus in near term. Apollo has a balance sheet strength. Upside from Amazon partnership would reflect in FY24,” it said.

Credit Suisse has set a price target of Rs 5100 apiece.

Zee Business panelist and market expert Kunal Saraogi gave a ‘buy’ call. He said that the counter has formed an ascending triangle pattern and that the stock is poised to gain.
He set price targets of Rs 4725 and 4850 with a stop loss at Rs 4500.

Apollo Hospitals stock has given a positive return of 29 per cent in the last six months. It has, however, tumbled 6 per cent YTD against over 4 per cent rise in Nifty50. Zee Business

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