Fortis Healthcare gains on selling hospital in South India

Fortis Healthcare

28/11/2023 08:44

** Fortis Healthcare  FOHE.NS  shares up 1.7% at 372.6
rupees
    ** Co on Friday said it sold assets of Fortis Malar hospital
Adyar, Chennai to MGM Healthcare for 1.28 billion rupees  ($15.4
million)
    ** Goldman Sachs retains "buy" rating on stock, saying deal
marks significant step in ongoing portfolio rationalisation
    ** Although management has been able to resolve several of
the hospital's legacy issues, some aspects persist - challenging
profitability in Malar hospital - GS
    ** About 2 mln shares change hands, 1.3x the 30-day avg
    ** Stock up over 29% YTD

($1 = 83.3680 Indian rupees)

 (Reporting by Sethuraman NR)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))