Thyrocare Technologies shares rose 12% on the Bombay Stock Exchange (BSE) on Wednesday, reaching a 21-month high of Rs 722. After Thyrocare acquired Think Health Diagnostic Private Limited, their stocks rose to their highest level since June 2022.
The stock broke its January 12, 2024 high of Rs 690.30 after recovering from its June 25, 2021 record high of Rs 1,465. The stock rose 8% to Rs 691.10 at 11:21 AM, while the S&P BSE Sensex lost 0.6 percent. At reporting time, 1.4 million NSE and BSE equity shares exchanged, up substantially.
Thyrocare said in a statement that it acquired Think Health on February 27, 2024, by buying 100% equity shares from present owners. Thyrocare acquired Think Health.
Thyrocare bought 100% of Think Health from its stockholders on February 1, 2024.
Think Health offers phlebotomy, patient report analysis, healthcare paramedical services, and at-home ECG testing.
Thyrocare plans to offer home ECG testing after this acquisition. Thyrocare’s strategic goal is to improve its insurance offering by adding at-home ECG testing. The company now offers blood and ECG testing as a one-stop solution in the premedical, pre-policy, and yearly health checkup markets.
Thyrocare said it acquired Think Health to strengthen its insurance position. ECG testing at home expands services and simplifies insurance partner processes. Thyrocare wants to offer a complete blood and ECG testing solution to expand its healthcare market share.
Thyrocare’s commitment to innovation and diversity was shown by this acquisition. The stock’s rise demonstrates market optimism about the purchase and investors’ confidence in Thyrocare’s strategic plans to expand in the ever-changing healthcare industry.
Industry analysts and investors will study Thyrocare’s ability to smoothly integrate Think Health into its operations and benefit on the synergies between the two businesses as it enters this new area. The acquisition makes Thyrocare a powerful healthcare provider with the potential for expansion and innovation.
