Fortis Healthcare hits record high on heavy volumes

The stock hit a record high of Rs 205, outperformed the market by gaining 18% in past one month.

Fortis Healthcare has moved higher to its record high of Rs 205, up 7%, extending it’s a month long gain on the BSE, on back of heavy volumes.

In past one month, the stock outperformed the market by gaining 18% after media report suggested that the promoters are looking to divest their stake in company engaged in healthcare facilities business. The S&P BSE Sensex was down 0.10% during the period.

Fortis Healthcare on December 13, 2016 said the company is still evaluating the best possible way to raise fund and no firm decision in this regard has been approved by the board till date.

On August 4, the board of directors of the company had approved the enabling fund raising options upto Rs 5,000 crore including but not limited to qualified institutional placement, foreign currency convertible bonds or any other method. The shareholders had already approved the said proposal, it added.

At 10:51 am; the stock was up 6% at Rs 203 on the BSE as compared to 0.11% decline in S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 4.68 million shares changed hands on the BSE and NSE so far.