Aster DM Healthcare shares surge 9% and reach 52-week high following dividend announcement

Healthcare service provider Aster DM Healthcare saw its shares hit a 52-week high on Monday following the announcement of a board meeting scheduled for April 12, 2024. The company is set to consider declaring an “interim dividend” and “special dividend” for the financial year 2023-24.

In an exchange filing, Aster DM Healthcare stated that the board meeting will discuss the declaration of an interim dividend for the financial year 2023-24, as well as a special dividend related to the segregation of the GCC business through a sale by Affinity Holdings Pvt Ltd. The record date for entitlement of the dividends is set for April 23, 2024.

Shares of Aster DM surged 8.7% during intra-day trading to reach a 52-week high of ₹499.90, with the market capitalization reaching ₹24,151.46 crore. The stock has nearly doubled in the past year, showing significant growth in various time frames.

Aster DM Healthcare recently announced the separation of its India and GCC businesses, with a proposed investment in its GCC business by a consortium of investors led by Fajr Capital. The company’s financial performance for the quarter ending December 31, 2023, showed a significant growth in net profit, revenue, and operating EBITDA.

With a network of hospitals, clinics, pharmacies, and labs across seven countries, Aster DM Healthcare continues to expand its presence in the healthcare sector. The upcoming board meeting and potential dividends reflect the company’s commitment to creating value for its shareholders and sustaining its growth trajectory.