The announcement was made during market hours today, 17 September 2014.

Meanwhile, the S&P BSE Sensex was up 146.90 points or 0.55% at 26,639.41.

On BSE, so far 14,000 shares were traded in the counter as against average daily volume of 15,872 shares in the past one quarter.

The stock hit a high of Rs 1,139.70 and a low of Rs 1,111.75 so far during the day. The stock had hit a record high of Rs 1,219.55 on 27 August 2014. The stock had hit a 52-week low of Rs 817 on 19 December 2013.

The stock had underperformed the market over the past one month till 16 September 2014, sliding 1.96% compared with Sensex's 1.49% rise. The scrip had, however, outperformed the market in past one quarter, jumping 11.17% as against Sensex's 5.17% rise.

The large-cap company has equity capital of Rs 69.56 crore. Face value per share is Rs 5.

Apollo Hospitals Enterprise (Apollo Hospitals) said it has entered into an MoU with Hetero Med Solutions (HMSL) for the acquisition of its retail pharmacy stores currently operated in Telangana, Andhra Pradesh and Tamil Nadu.

Apollo Hospitals said that the acquisition of HMSL would be in the form of purchase of the business undertaking, on a slump sale basis and comprises of 320 pharmacy stores, at an overall consideration not exceeding Rs 146 crore.

This acquisition will further strengthen Apollo Pharmacy's leadership position in the industry, Apollo Hospitals said in a statement.

The transaction would be subject to completion of due diligence and other statutory formalities, Apollo Hospitals said in a statement.

HMSL incorporated in 2007, is a member of the Hetero Group which has significant presence in the manufacture and marketing of pharmaceutical products and intermediate chemicals used in the pharma industry.

Apollo Hospitals Enterprise's net profit rose 4.8% to Rs 82.74 crore on 17.7% growth in net sales to Rs 1053.72 crore in Q1 June 2014 over Q1 June 2013.

Apollo Hospitals is one of Asia's largest healthcare groups.