Fortis Healthcare rose 10.02% to Rs 134 at 9:42 IST on BSE after the company sold its Singapore-based diagnostics business RadLink-Asia for SGD 137 million.
The announcement was made after market hours on Friday, 12 September 2014.
Meanwhile, the BSE Sensex was down 217.88 points, or 0.81%, to 26,843.16.
On BSE, so far 4.82 lakh shares were traded in the counter, compared with an average volume of 1.08 lakh shares in the past one quarter.
The stock hit a high of Rs 136 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 127 so far during the day. The stock hit a 52-week low of Rs 93.10 on 3 March 2014.
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The stock had outperformed the market over the past one month till 12 September 2014, rising 5.50% compared with 4.56% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 1.58% as against Sensex's 5.81% rise.
The mid-cap company has an equity capital of Rs 462.79 crore. Face value per share is Rs 10.
Fortis Healthcare announced that the board of Fortis Healthcare Singapore, which is a subsidiary of Fortis Healthcare International, one of the step down subsidiaries based out of Singapore, has decided to divest 100% shareholding in RadLink-Asia and its subsidiaries RadLink, Singapore, to Medi-Rad Associates (Medi-Rad), an indirect wholly-owned subsidiary of IHH Healthcare Berhad, for SGD 137 million.
RadLink is engaged in the provision of healthcare services including the provision of outpatient diagnostic and molecular imaging services in Singapore. The offer price is reflective of the value and efficiencies added by the Fortis group. The deal will be successfully closed following the necessary statutory and regulatory approvals as per local requirements.
On a consolidated basis, Fortis Healthcare reported net loss of Rs 45.80 crore in Q1 June 2014, lower than net loss of Rs 221.30 crore in Q1 June 2013. Net sales fell 32.9% to Rs 1009.40 crore in Q1 June 2014 over Q1 June 2013.
Fortis Healthcare is a leading integrated healthcare delivery service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities. Currently, the company operates its healthcare delivery services in India, Singapore, Dubai, Mauritius and Sri Lanka with 66 healthcare facilities (including projects under development), over 10,000 potential beds and 282 diagnostic centres.
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