Fortis Healthcare rose 2.21% to Rs 168.70 at 14:10 IST on BSE after reports suggested that its diagnostic arm may list on the bourses.
Meanwhile, the S&P BSE Sensex was down 93.57 points, or 0.3%, to 30,864.68. The S&P BSE Mid-Cap index was up 38.07 points, or 0.26%, to 14,506.95.
On the BSE, 5.35 lakh shares were traded in the counter so far, compared with an average volume of 9.39 lakh shares in the past one quarter. The stock had hit a high of Rs 171.85 and a low of Rs 166.75 so far during the day.
The stock had hit a record high of Rs 230.90 on 3 May 2017. The stock had hit a 52-week low of Rs 142.60 on 9 November 2016.
The stock had underperformed the market over the past one month till 27 June 2017, falling 18.59% compared with 0.23% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 7.17% as against Sensex's 5.89% rise. The scrip had also underperformed the market in past one year, gaining 5.7% as against Sensex's 17.25% rise.
The mid-cap company has an equity capital of Rs 518.46 crore. Face value per share is Rs 10.
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A news agency reported that as a part of its scheme of demerger from their parent Fortis Healthcare, diagnostic chain, SRL Diagnostics (SRL) is likely to be listed on Indian bourses by August.
According to reports, the next hearing on the demerger plan in the National Company Law Tribunal (NCLT) has been scheduled for 29 June 2017, after five hearings till date.
Brothers Shivinder and Malvinder Singh, promoter of the company initiated a major corporate restructuring in August 2016.
SRL was spun off from Fortis to merge into its existing listed subsidiary Fortis Malar Hospitals and was renamed SRL Diagnostics.
The stock had dropped 16.62% in two sessions to Rs 165.05 yesterday, 27 June 2017 from a close of Rs 197.95 on 22 June 2017 triggered by reports suggesting IHH Healthcare Berhad is not close to concluding any negotiations to buy controlling stake in the company. Earlier reports had suggested that IHH Healthcare Bhd will be buying a controlling stake in Fortis Healthcare and SRL Logistics from Malvinder and Shivinder Mohan Singh, the promoters of the company.
With regards to news titled HH Pulls Plug on Fortis Deal Over Daiichi Scare, the company clarified during market hours on 23 June 2017 that the company is still evaluating possible way to raise fund and no firm decision in the regard has been approved by the board till date.
Fortis Healthcare reported consolidated net loss of Rs 37.52 crore in Q4 March 2017 compared with net loss of Rs 87.6 crore in Q4 March 2016. Net sales rose 5% to Rs 1123.43 crore in Q4 March 2017 over Q4 March 2016.
Fortis Healthcare is a leading integrated healthcare delivery service provider in India.
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