Intraday on Wednesday, Fortis share price rolled above 2 per cent at Rs. 185.20. The stock opened at Rs. 181.50 against its previous closing at Rs. 180.80.
Fortis Healthcare, the integrated healthcare delivery service provider has been one of the shining stars since the BSE Sensex met its internment low on November 21. Since that day, the markets have recovered nearly 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. The stocks ever since then have staged a very smart recovery with good volumes.
The movement in the stock was also backed by reports of brothers, Malvinder and Shivinder Singh being in active talks with private equity major TPG Capital to sell an important minority stake in Fortis Healthcare. Fortis Healthcare has been trying to reorganize its structure. It has planned to list 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 company drowned in debt has plans to pare down its debt by bringing in a partner and subsequently unlocking value by listing its diagnostic arm. The stock touched the day’s high and low at Rs. 189 and Rs. 181.50 respectively. Throughout the day, around 11,98,172 shares were traded in the counter with a traded value of Rs. 2,234.95 lacs, as per National Stock Exchange. The company has a market cap of Rs. 8706.61 (Cr), as on 21st Dec.
Fortis is also one of the top 500 performing stocks for this quarter as identified by Dynamic Levels. Fortis has the potential to give good returns and is considered safe for investment.
For further details, refer to Fortis share price history.
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