By Aditya Raghunath
Investing.com -- The markets had barely opened and shares of Hinduja Global Solutions Ltd (NS: HGSL ) hit their 5% upper circuit. They remained the same until close of day. The stock closed at Rs 3,229.3.
The reason for this spurt was the announcement by the company that it would divest its healthcare services business to a private equity fund Barings Private Equity Asia (BPEA) for $1.2 billion. This announcement came after-market hours on August 9.
“The proposed transaction is subject to completion of conditions precedent including regulatory approvals and approval of the shareholders of the company,” the company said in a filing late on August 9.
The company’s numbers for Q1 FY22 are good. Net sales rose 25.46% to Rs 1,550.52 crore from Rs 1,235.89 crore in the corresponding quarter last fiscal year. Net profit was up 144.1% at Rs 117.02 crore compared to Rs 47.94 crore in the June 2020 quarter.
BPEA’s Indian portfolio includes companies like Hexaware, Virtusa, Citius Tech, Coforge, CMS, AGS Health and RBS (LON: NWG ) Bank.
The stock has gained 177.51% so far in 2021 and 384% in the last 12 months. An investment of Rs 10,000 on January 1 this year would be worth Rs 27,751 today.
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Good in 1 year 4time grothin shareLike 0