After four weeks of gains, Indian markets could take a breather due to profit booking, followed by a period of consolidation.
Fortis intensified after KKR-backed Radiant Life Care entered the fray with an offer to buy more than a quarter of the cash-strapped company’s hospital business.
India’s cash-strapped Fortis Healthcare Ltd said Fosun International Ltd has offered to invest up to $350 million.
Markets remained firm during the week despite trade and geo-political tensions. The Nifty gained in all five trading sessions – the first time since November 2017.
Malaysia’s IHH Healthcare Bhd said Fortis Healthcare declined to engage with the company regarding a takeover offer, citing binding agreements with other parties.
IHH Bhd is proposing a rival offer for Fortis, valuing the Indian company at as much as $1.3 billion, Bloomberg reported, citing people with knowledge of the matter.
Manipal Hospitals raised its offer price to buy Fortis Healthcare hospital business by 21%, in an effort to douse any opposition from Fortis minority shareholders.
The Delhi HC asked Fortis Healthcare Ltd to give its response on Japanese pharma major Daiichi Sankyo's plea to maintain status quo of the assets of the hospital chain.
Fortis Healthcare Ltd (FHL) said the merger of its hospitals business into Manipal Hospitals Enterprises is expected to be completed in 10-12 months.
Shares of Fortis fell by nearly 4 pc after the company said its board is still evaluating an unsolicited offer from Manipal Health Enterprises, reportedly for a merger.
HDFC BANK Q4 REVIEW
PAT at Rs 4799 Cr vs Rs 3990 Cr, up 20.2%
NII at Rs 10,658 Cr vs Rs 9,055 Cr, up 17.7%
Net Interest Margin at 4.3%
Other Income at Rs 4229 Cr vs Rs 3446 Cr, Up 22.7%
Operating Profit at Rs 8835 Cr vs Rs 7279 Cr, up 21.3%
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