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Aster DM Healthcare shares soar after divestment of GCC business

Shares of Aster DM Healthcare Ltd. jumped nearly 14% to a fresh record on Wednesday, a day after the company announced plans to split its India and Gulf businesses.

Affinity Holdings Pvt., a subsidiary of the Moopen family-owned healthcare provider, will transfer its shares in Aster DM Healthcare FZC—the company’s Gulf unit—to promoter-owned Alpha GCC Holdings Ltd., according to an exchange filing.

After the deal, Alpha GCC Holdings will be 35% owned by the Moopens and 65% by private Fajr Capital Advisors Ltd. The restructuring is expected to be completed in the fourth quarter of FY24.

Shares of Aster DM Healthcare rose nearly 14% before paring gains to trade 9.71% higher at 10:05 a.m. That compares to a 0.58% rise in the benchmark NSE Nifty 50.

The stock has risen 58% year-to-date. The total traded volume stood at 91 times of 30-day average. The relative strength index was at 67.4 as of 10:16 a.m.

All seven analysts tracking the stock maintain a ‘buy’ rating, according to Bloomberg data. The average of analysts’ price targets implies a downside of 1.8. BQ Prime

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