Religare Enterprises rises with group’s investment plan

Religare Enterprises is currently trading at Rs 391.10, up by 7.50 points or 1.96% from its previous closing of Rs 383.60 on the BSE.

The scrip opened at Rs 389.30 and has touched a high of Rs 393 with a low of Rs 383.15. So far 1,898 shares were traded on the counter.

The BSE group ‘A’ Midcap index stock of face value Rs 10 has touched a 52 week high of Rs 543 on June 4, 2009 and a 52 week low of Rs 274.50 on December 5, 2008.

The BSE Mid cap index is currently trading at 5,908.86, up by 1.30% from its previous closing.

The scrip price has witnessed a correction of 0.22% since last week and a positive swing of 5.60% since last month.

The Religare Group will be investing an additional Rs 300 crore towards international diagnostics and health stores network businesses in the next three years.

The Group offers diagnostics services through Super Religare Laboratories (SRL) and operates health stores network via Religare Wellness.

As per a group official, it has already invested Rs 200 crore in both the aforesaid businesses, taking the total investment to Rs 500 crore. The group will be inaugurating its reference laboratory in Dubai next week, which would have capacity of about 1 million tests annually and that would increase three-fold in the course of next two years.

The company is expecting revenue of Rs 20 crore in current year from Dubai facility and will grow in about three-fold by 2011. The company’s step will help it to explore opportunities in the Gulf region.