ICICI Securities is bullish on Fortis Healthcare has recommended buy rating on the stock with a target price of Rs 160 in its research report dated August 15, 2020.
Most Fortis hospitals are concentrated in Delhi NCR and Mumbai, where Covid cases are on the decline and price caps are in place. With elective surgeries getting postponed, restrictions on international travel, and limited lockdowns in select States, non-Covid realisations have also taken a hit
ICICI Securities is bullish on Fortis Healthcare has recommended buy rating on the stock with a target price of Rs 153 in its research report dated June 18, 2020.
Consolidated revenue from operations increased to Rs 4,632.32 crore from Rs 4,469.36 crore in 2018-19.
The third quarter of 2019-20 continues to witness earnings growth with margin expansion in the hospitals business.
"250 beds are going to come on line by the end of this financial year itself and those will bring a growth rate of about 10 percent," Ashutosh Raghuvanshi, MD and CEO of Fortis Healthcare said
Amansa Holdings Private Limited bought 3.05 percent shareholding in the company and ICICI Prudential Equity & Debt Fund purchased 1.16 percent during the quarter.
In the charge sheet, filed by ED's Special Public Prosecutor Nitesh Rana, the probe agency has accused all three of money laundering, punishable under sections 3 and 4 of the Prevention of Money Laundering Act.
Additional Sessions Judge Sandeep Yadav sent Singh to ED remand after the agency sought his 14-day custodial interrogation.
Besides Malvinder, the court also remanded Sunil Godhwani, former CMD of Religare Enterprises Ltd (REL), to ED's custody till November 28.
The Supreme Court had earlier withheld an open offer by IHH after Japanese drug maker Daiichi had filed an affidavit on January 15 to stall transfer of funds from Fortis to Religare Health Trust
The Enforcement Directorate (ED) took both the accused in its custody inside the Tihar central jail here, where they are currently lodged in a case filed by the Delhi Police in relation to the alleged scam, a lawyer associated with the case said.
The shares were offloaded at an average price of Rs 130.27, valuing the transaction size at Rs 645.09 crore.
The net profit in Q1FY20 was also aided by a reduction in the cost of borrowings and the elimination of hospital service fee due to the acquisition of RHT assets.
The scrutiny is on. Auditors can no longer shirk their responsibilities by taking refuge under we-are-watchdogs-not-bloodhounds argument
The brokerage has maintained a buy call on the stock and cut target price to Rs 159 from Rs 171 per share
In an earlier filing to bourses, the company had said its group firm Fortis Healthcare International Ltd had commenced deliberations to explore sale of interest in RHT and RHTTM.
The private sector lender had 8.76 per cent stake in Fortis Healthcare before these transactions.