Healthcare stock Park Medi World is witnessing healthy buying momentum, defying weak market sentiment. Park Medi World share price climbed 2.7% to hit an intraday high of ₹291.40 on the BSE on Wednesday, 26 August. The stock looked set to extend gains for the fifth consecutive session, gaining almost 8% in the period.
Park Medi World capex update
In an exchange filing on 26 August, Park Medi World said it had been awarded a mandate under the public–private partnership (PPP) model by the Prayagraj Municipal Corporation, Uttar Pradesh, for the development and operation of a 550-bed multi-super-speciality hospital in Prayagraj, Uttar Pradesh.
Under the concession, Park Group will construct the hospital facility over a period of two years from the appointed date, operate it under a long-term lease for 45 years, and make an investment of approximately ₹200 crore along with a concession of ₹76.52 crore from the State Government.
The hospital will be developed on a 3.22-acre site allotted by the Municipal Corporation, with an option to secure an additional 2.47 acres from the fifth year following the commercial operations date (COD).
The Prayagraj project forms the third pillar of Park Group's Uttar Pradesh strategy.
"Together with its 360-bed hospital at Agra and its upcoming 400-bed facility at Gorakhpur, Park Group's total capacity in Uttar Pradesh will reach a critical mass of 1,260 beds on completion — positioning the group as one of the leading private healthcare providers in the State and reinforcing its long-term commitment to expanding access to high-quality tertiary care across North India," said the company.
Park Medi World share price trend
Park Medi World share price debuted on the Indian stock market on 17 December last year. At the current market price of ₹291.40, the sock is up 80% from the issue price of ₹162. Year-to-date, the stock is up 92%, as per the BSE data.
Park Medi World shares hit a record high of ₹305.25 on 1 July and a record low of ₹138.15 on 18 December on the BSE.
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