Diagnostic firms gain amid rise in covid cases

Shares of diagnostic companies surged amid weak markets on Monday after India reported highest ever daily covid cases in the last 24 hours.

According to government data, India reported 103,000 covid cases. Analysts say that the surge in cases will help to improve earnings of these companies due to higher testing.

Thyrocare Technologies surged 5.4%, Metropolis Healthcare rose 4% while Dr Lal PathLabs gained 6%, Fortis Healthcare advanced 3%.

India reported a record rise in covid-19 infections on Monday, becoming the second country after the US to post more than 100,000 new cases in a day. Maharashtra reported a record 57,074 new cases overnight. The country's daily infections have risen about 12-fold since hitting a multi-month low in early February, when authorities eased most restrictions