Upper circuit stock: HGS jumps 5 per cent after the market discounts the news of sale of its healthcare vertical

There are only buyers in HGS  on Tuesday and the share is locked in the upper circuit.

The share price of Hinduja Global Solutions (HGS) is up by 5 per cent on Tuesday as the company after its board-meet on August 9 announced the sale of its healthcare services business to bulge bracket private equity fund Barings Private Equity Asia for a consideration of $1.2 billion.

There are only buyers in HGS  on Tuesday and the share is locked in upper circuit.

The current sale as per the management is the part of value unlocking exercise. Hinduja Group's healthcare vertical is US-focused, has 35-plus clients and 24,000 employees across 34 locations in five countries. 

HGS has turned out to be a multibagger in the past one year by recording gains of over 385 per cent. In one month the share price is up by more than 21 per cent while in 2021 alone the share price jumped by 177 per cent. 

BSE Sensex is up by more than 200 points on Tuesday while Nifty 50 has gained by 48  points in the morning sesssion.