India's Fortis Healthcare surges on plans to sell unit stake
MUMBAI Dec 17 (Reuters) - Shares in India's Fortis Healthcare rose as much as 7.5 percent on Monday on the company's plans to sell its 64 percent stake in a dental clinics business in Australia for A$270 million ($285 million).
The stake sale to British medical services group Bupa will help Fortis focus on high-end healthcare operations in Asia, it said in a statement late on Sunday.
The entire proceeds will be used to reduce the group's debt, Fortis group Chief Executive Vishal Bali told news channel CNBC TV18. The deal is expected to be completed in March 2013, Fortis said. (Reporting by Abhishek Vishnoi; Editing by Jijo Jacob)
- Tweet this
- Share this
- Digg this
- U.S. nurse quarantined over Ebola calls treatment "frenzy of disorganization"
- Wall Street finally turning on Amazon as Bezos magic fades
- Former Cream frontman Jack Bruce dies aged 71
- São Paulo running out of water as rain-making Amazon vanishes
- Iraqi security forces and Kurds gain ground against Islamic State
The Nifty will stay in a broad band of 7,800-8,200 with an immediate resistance at around 8,050 levels. One should look to selectively accumulate in sectors such as infrastructure, capital goods, cement, power and metals. The outperforming sectors such as pharma, IT and auto ancillaries could take a breather due to international headwinds, writes Ambareesh Baliga. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article