Fortis Healthcare pulls up its socks: jumps 20 %, post November 21 lows
DSIJ Intelligence / 21 Dec 2016
Integrated healthcare delivery service provider, Fortis Healthcare has been one of the shining stars since the BSE Sensex touched its internment low on November 21. Since that day, the markets have recovered close to 2.25 per cent, whereas Fortis Healthcare has generated returns of 20 per cent.
Integrated healthcare delivery service provider, Fortis Healthcare has been one of the shining stars since the BSE Sensex touched its internment low on November 21. Since that day, the markets have recovered close to 2.25 per cent, whereas Fortis Healthcare has generated returns of 20 per cent.
The stock has been on an upward momentum since it touched a low of Rs 158.05 on November 21 on BSE. The stocks ever since then have staged a very smart recovery with good volumes.
The movement in the stock was also supported by reports of brothers, Malvinder and Shivinder Singh being in active talks with private equity major TPG Capital to sell a significant minority stake in Fortis Healthcare.
Fortis Healthcare has been trying to reorganise its structure with plans of listing SRL's Diagnostics division, which forms part of the healthcare business, but contributes around 18 per cent to the overall revenues of the company.
The debt laden company plans to pare down its debt by bringing in a partner, and subsequently unlocking value by listing its diagnostic arm.
Shares were trading at Rs 187.10, up 3.54 per cent on BSE.
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