Krsnaa Diagnostics Shares Jump 10% After Rajasthan High Court Reinstates Contract
The state government had earlier cancelled the contracts given to the company for providing diagnostic services in the state.
Shares of Krsnaa Diagnostics Ltd. jumped over 10% on Friday after the Rajasthan High Court reinstated an agreement for providing diagnostic services in the state.
Previously, the state government had cancelled the acceptance letter awarded to a consortium of Krsnaa Diagnostics and Telecommunications Consultants India Ltd. by the National Health Mission in Rajasthan.
Shares of the company surged 10.14%, the highest since May 30, before paring gains to trade 8.11% higher at 10:21 a.m. This compares to a 0.55% gain in the benchmark NSE Nifty 50.
The stock has gained 6.99% year-to-date. The total traded volume stood at 4.8 times its 30-day average. The relative strength index was at 53.47
The two analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price target implies a potential upside of 69.6%.