Page 2 - Fortis Healthcare

Fortis ties up with RED.Health for emergency response network across NCR

Fortis Healthcare on Monday said it has tied up with emergency response network RED.Health to offer end-to-end emergency services. The collaboration is driven by a shared vision to provide end-to-end emergency services within the minimum response time and reduce trauma and fatalities during medical emergencies, the healthcare major said in a statement. The scope of the collaboration spans across seven branches of Fortis Hospitals in Delhi/NCR, it added. As part of the collaboration, RED.Health will deploy 10 dedicated GPS-enabled advanced life support (ALS) ambulances and also support patient logistics with an independent fleet of over 30 vehicles in NCR, ensuring that ambulances reach patients within around 10 to 30 minutes, it said. Additionally, a concierge will be available at each hospital for better coordination between the patient and the ambulance, it added. "With this partnership, patients in need will be able to reach a Fortis emergency within minutes, from wherever they

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Stocks to watch on June 23, 2023: From L&T to Fortis Health, here are top stocks to watch in Friday's trading session

Fortis Healthcare acquires Medeor Hospital for Rs 225 cr, plans expansion

Fortis Healthcare now has around 4000 operational beds across its network

Fortis Healthcare to acquire Manesar-based Medeor Hospital for Rs 225 cr

Fortis Healthcare on Thursday said it has inked a pact with the VPS Group to acquire Manesar-based Medeor Hospital for Rs 225 crore. The healthcare major said it has signed definitive agreements to acquire Medeor Hospital for an overall purchase consideration of Rs 225 crore. The hospital has a potential capacity of 350 beds and can be operationalised in a phased manner in around nine months, it added. The deal entails the purchase of land, building and movable assets of Medeor and is expected to close by end of July 2023, subject to the completion of certain conditions precedent as stipulated in the definitive agreements. The transaction will be funded through a mix of debt and internal accruals, Fortis Healthcare said in a statement. The company said the acquisition fits well with its strategic approach of expanding presence in focus geographic clusters, including Delhi-NCR. The acquisition will enable the hospital chain to deliver services to patients in the upcoming areas of

M&As to drive hospital expansion in uncharted territory, say experts

Inorganic expansion gives instant market share in a new geography, greenfield works better in markets where a chain already has a presence, say industry players and analysts

Sebi asks IHH Healthcare to proceed with open offer for Fortis after HC nod

Malaysia's IHH Healthcare on Thursday said Sebi has advised it to proceed with its stalled open offer to acquire 26.1 per cent market share in Fortis Healthcare only after obtaining order from the Delhi High Court. IHH Healthcare had acquired 31.17 per cent stake in Fortis by infusing fresh capital of Rs 4,000 crore in November 2018. The company is waiting for a go-ahead to proceed with its stalled open offer to acquire an additional 26.1 per cent stake in Fortis. The open offer, which was originally scheduled to commence on December 18, 2018 and close on January 1, 2019, entailing a total sum of Rs 3,300 crore, could not materialise due to a Supreme Court order. The apex court in September directed the Delhi High Court to consider appointing forensic auditors to analyse the transactions entered into by Fortis and other related transactions. "The Securities and Exchange Board of India (Sebi) has advised on November 16, 2022, that the Open Offers should be proceeded with after ...

Hospitals see influx of foreign patients in Sept qtr as travel norms ease

Several corporate hospitals say international patient footfalls have crossed pre-pandemic levels

Sebi slaps Rs 21 cr fine on 52 entities in Religare Finvest fund case

Capital markets regulator Sebi has imposed a fine totalling Rs 21 crore on 52 entities, including Fortis Healthcare Holdings, in a case pertaining to huge diversion and misutilisation of funds of Religare Finvest, an arm of Religare Enterprises. They have been asked to pay the fine within 45 days, according to an order passed by the Securities and Exchange Board of India (Sebi) on Monday. The case involves a complex web of transactions whereby the funds of listed company Religare Enterprises Limited (REL) were diverted through its subsidiary Religare Finvest Ltd (RFL) for the ultimate benefit of the erstwhile promoters -- RHC Holding, Malvinder Mohan Singh and Shivinder Mohan Singh. Funds were also misutilised for repayment of earlier loans taken from RFL. "The whole scheme of fraud led to diversion of funds of Rs 2473.66 crore out of a material subsidiary of REL and also mis-utilisation of funds of Rs 487.92 crores of RFL," Sebi said in its 390-page order. Such a huge diversion an

Q2FY23 preview: Modest revenue growth, Ebitda decline seen in pharma cos

While domestic market demand is strong, analysts expect higher raw material and freight costs to affect business in US, other countries; healthy YoY growth seen in hospitals and diagnostics

What brought down the Ranbaxy-Fortis promoters?

Ranbaxy promoters Malvinder and Shivinder Singh have been in the news for wrong reasons. The latest development is one more chapter in the story of their downfall. Here's a peek into their journey

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Stocks to watch today: Bharti Airtel and Adani Ports will report their June quarter results (Q1FY23); Titan saw 13-fold jump in net profit to Rs 790 crore in Q1FY23.

Fortis Healthcare's consolidated net profit falls 69% to Rs 134 cr in Q1

Fortis Healthcare has reported 69 per cent decline in consolidated net profit at Rs 134 crore for the first quarter ended June 30

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Stocks to Watch: With oil prices staging a dramatic reversal, related stocks, along with rate-sensitive sectors will be on the radar as RBI announces its monetary policy outcome Friday.

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Stocks to watch today: IT behemoth TCS net profit grew 5.2 per cent year-on-year (YoY) to Rs 9,478 crore in Q1FY23; Tata Motors hiked prices across passenger vehicle range by 0.55 per cent.

Fortis Healthcare plans to add 1,500 new beds to its network in 3 years

Fortis Healthcare Ltd plans to add around 1,500 new beds to its network to take the total to around 5,000 beds in the next three years, according to company officials. The company has also lined up a capex of Rs 400 crore for the ongoing fiscal which will be divided equally on maintenance and growth programmes. The healthcare chain is continuing with its portfolio rationalisation programme aligning with its focus on cluster approach to grow both organically via brownfield expansion and inorganically in geographies of Delhi-NCR, Maharashtra, Bangalore and Kolkata, Fortis Healthcare Ltd Managing Director and CEO Ashutosh Raghuvanshi told analysts. "Our plans to add 1,200 beds in the existing facilities over the next few years are well underway," he said. Elaborating on the new beds addition programme, Fortis Healthcare CFO Vivek Kumar Goyal said at present the company had 4,000 beds and the target is to reach around 5,000 beds in the next three years. Stating that the company's "1,3

Board evaluating Sebi penalty of Rs 1 crore, says Fortis Healthcare

Market regulator SEBI slapped a fine on Fortis Healthcare subsidiaries on account of fund diversion by erstwhile promoters

Fortis case: Sebi slaps Rs 24 crore penalty on Singh brothers, 7 others

The case pertains to misappropriation of funds by the erstwhile promoters and their related entities from Fortis Healthcare

Fortis launches workplace mental health programme to deal with distress

Initiative provides counselling, webinars to create a culture of openness and acceptance about mental health and real-time text chat support by a team of psychologists

Corporate Hospitals say medical tourism to touch pre-Covid levels by H2FY23

From nil revenues, it has already climbed back to 50% of pre-pandemic levels

Fortis Healthcare's Q3 profit after tax sees over twofold jump to Rs 142 cr

Fortis Healthcare on Friday said its consolidated profit after tax (PAT) rose by over twofold to Rs 142 crore in the third quarter ended December 31, 2021. The company had reported a PAT of Rs 54 crore in the corresponding period last fiscal. Its revenue during October-December 2021 rose to Rs 1,466.7 crore as compared with Rs 1,177 crore in the year-ago period, Fortis Healthcare said in a statement. "Our efforts to drive operations both in terms of revenue accretion and cost optimisation initiatives have yielded positive results as witnessed in the Q3 performance and over the past few quarters," Ravi Rajagopal, chairman (board of directors) of Fortis Healthcare, said. Strategic plans for further strengthening clinical specialities, medical programmes and infrastructure are actively being pursued, he added. "Investments in brownfield (existing) bed expansion should see the company add close to 250-300 beds each year for the next few years, taking our operational bed capacity to ov