Latest news with #FortisHealthcare
Mint
5 hours ago
- Health
- Mint
Covid-19 cases in India: 203 new cases, 4 deaths reported in last 24 hours
India registered 203 new Covid-19 patients in the last 24 hours, with the total number of cases reaching 3,961 in the latest coronavirus outbreak, showed health ministry data on Monday. The disease that brought the world to a standstill in 2020 claimed four more lives, one each in Delhi, Kerala, Maharashtra and Tamil Nadu, with the toll reaching 32 since 1 January 2025. Kerala (1,435), Maharashtra (506), Delhi (483), Gujarat (338), and West Bengal (331) have reported the most number of cases so far. This fresh wave has been caused by two new coronavirus variants, NB.1.8.1 and LF.7, mutations of the Omicron offspring JN.1 variant. Both were found in India. The positivity rate stands at approximately 64.08%. A high positivity rate suggests higher transmission and that there are likely more people with coronavirus in the community who haven't been tested yet. Dr Vikas Maurya, head of the pulmonary department at Fortis Healthcare, Shalimar Bagh, New Delhi, said they were largely seeing Covid-19 patients with mild infection, taking a maximum of one week to recover. 'Right now, every second person who has symptoms like cough, cold, fever and sore throat should get themselves tested for covid-19 and use a mask and isolate themselves.' He said most patients are inquiring about the Covid-19 vaccine. However, due to its unavailability, people who are willing to take the vaccine are not able to get the shot. 'The vaccine should be there, and it should be made voluntary for those who wish to take it.' Recently, Dr Soumya Swaminathan, former director of the Indian Council of Medical Research and ex-chief scientist at the World Health Organisation, urged pharma companies to ensure that they can create a vaccine for the latest coronavirus variant. The health ministry's Covid-19 dashboard revealed that at least 370 patients recovered from the infection or got discharged in the last 24 hours, bringing the total number of active cases to 2,188. A senior government scientist involved in the monitoring of the infection said the disease is not going to make a major impact on the population this time. 'We have all the tools to monitor Covid-19. The government has increased the testing capacity; it's doing the sentinel surveillance to target the select population in a specific location. The infection is mild, so there is nothing to worry.'
Time of India
2 days ago
- Health
- Time of India
Kolkata nurse gets Florence Nightingale award from Prez
1 2 3 Kolkata: Doli Biswas, a nurse at a private hospital in Kolkata, received the prestigious National Florence Nightingale Award for her 'exemplary contribution to nursing and compassionate patient care'. She received the award from President Droupadi Murmu at Rashtrapati Bhavan on Friday. Biswas is the chief nursing officer at Fortis Hospital, Anandapur. The award is instituted by the ministry of health and family welfare. This prestigious recognition is presented to nursing professionals across the country for their outstanding dedication, service, and contributions to healthcare. Speaking on the honour, Biswas said: "Nursing is a noble service. Being recognised with the National Florence Nightingale Award is a great honour. It energises me to continue serving with empathy, integrity, and dedication. I am grateful to Fortis Hospital for supporting my journey and to the ministry." Fortis Healthcare congratulated Biswas on this exceptional achievement and remains committed to empowering and celebrating the nursing community at the heart of patient care. "This moment stands as a proud milestone not just for Biswas, but for the entire Fortis family. Her recognition serves as a reflection of the hospital's deep-rooted values in clinical excellence and its commitment to nurturing healthcare professionals who go above and beyond in service to the community," said a hospital spokesperson.
Time of India
4 days ago
- Business
- Time of India
Daiichi comments continue to damage interests: IHH Unit
Singapore-based Northern TK Venture (NTK), an indirect subsidiary of Malaysia's IHH Healthcare , on Thursday said Japanese drug maker Daiichi Sankyo's latest release contained "misleading statements" that continued to damage its interests. It comes after IHH Healthcare on May 20 said it had escalated its legal claim against Daiichi Sankyo tenfold to about ₹11,800 crore for allegedly blocking its 2018 open offer for control of Indian hospital operator Fortis Healthcare . Daiichi Sankyo, however, said NTK's claims of interfering with its open offer were "without any merit or substance" and were "not sustainable". "Since the case is pending at the Tokyo District Court, NTK will refrain from correcting inaccuracies in the statement, but NTK will continue to present the correct facts and pursue its claims before the Tokyo District Court to obtain reliefs including recovery of damages from Daiichi Sankyo," NTK said on Thursday, reiterating that Daiichi Sankyo had caused "significant losses" by preventing it from proceeding with the open offer. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 인터넷 1만원대 갈아타고 기본 48만원 최대 120만원 받으세요 인터넷가입센터 더 알아보기 Undo NTK said it will also seek an injunction to prevent Daiichi Sankyo from making defamatory remarks and specific actions to vindicate its reputation. The next date of hearing before the Tokyo district court is July 11. Live Events Daiichi Sankyo said in a statement, "NTK's claims against Daiichi Sankyo are tort claims premised on Daiichi Sankyo's unlawful interference with NTK's trade or business, conspiracy of Daiichi Sankyo and other persons, malicious falsehood, and defamation, each under the applicable substantive laws." NTK had acquired a 31.17% stake in Fortis Healthcare in November 2018, triggering a mandatory open offer to the latter's public shareholders . However it was blocked after Daiichi Sankyo filed a contempt plea against the founders of Fortis Healthcare, resulting in the halt of acquisition. On Thursday, the company announced on the stock exchanges in Malaysia and Singapore that it had filed an application with the Tokyo district court to amend its ongoing claim for damages against Daiichi Sankyo Company, Limited (headquartered in Chuo-ku, Tokyo). As a result, the revised damages sought by NTK have increased to 200 billion Japanese yen from the initial amount of 20 billion Japanese yen, it said in a statement.
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Business Standard
22-05-2025
- Business
- Business Standard
Fortis Healthcare rallies 9%, nears record high; brokerages see more upside
Fortis Healthcare share price today: Shares of Fortis Healthcare hit a four-month high of ₹731.35, as they rallied 9 per cent on the BSE in Thursday's intra-day trade amid heavy volumes on a healthy business outlook. The stock price of the hospital company is quoting at its highest level since January 8, 2025. It had hit a record high of ₹744 on December 30, 2024. At 11:13 AM, Fortis Healthcare stock was trading 8 per cent higher at ₹724.20 on the BSE. In comparison, the BSE Sensex was down 0.88 per cent at 80,880.47. The average trading volumes on the counter jumped over fourfold. A combined 5.72 million equity shares representing 0.76 per cent of the total equity of Fortis Healthcare have changed hands on the NSE and BSE. Fortis Healthcare Q4 & FY25 financial performance Delhi-headquartered hospital chain Fortis Healthcare on Tuesday, May 20, 2025, reported a 7.4 per cent year-on-year (Y-o-Y) fall in consolidated net profit for the March quarter of financial year 2024–25 (Q4FY25) at ₹188.02 crore, down from ₹203.14 crore in the same period last year. The decline in net profit was attributed to a 13.6 per cent Y-o-Y rise in total expenses, which stood at ₹1,741.52 crore, up from ₹1,531.76 crore. The company also cited impairments on investments in an associate firm and assets in a subsidiary, according to its regulatory filing. Revenue from operations rose to ₹2,007 crore in Q4FY25, marking a 12.4 per cent increase from ₹1,786 crore in Q4FY24. The increase in revenue was driven by strong performances in both the hospital and diagnostics businesses. Consolidated earnings before interest, tax, depreciation, and amortisation (Ebitda) rose 14.3 per cent Y-o-Y to ₹435 crore, with the Ebitda margin at 21.7 per cent, up from 21.3 per cent in the year-ago period. In FY25, the company's hospital business contributed 84 per cent to consolidated revenue compared to 82 per cent in FY24. Revenue from focus specialities comprising Oncology, Neurosciences, Cardiac Sciences, Gastroenterology, Orthopaedics and Renal Sciences grew 16 per cent Y-o-Y and contributed 62 per cent to overall hospital business revenues. The management said the company has witnessed a steady improvement in the diagnostics business Ebitda margins (excluding one-offs) at 22.0 per cent in FY25 compared to 19.6 per cent in FY24. The new brand is being well accepted and gaining prominence, placing the business in a better position to drive business expansion and enhance performance metrics, the management said. The company added 200 beds in FY25 and plans to add 993 beds in FY26, most of which are Brownfield projects. Brokerages' view on Fortis Healthcare JM Financial Institutional Securities - Due to ongoing efforts to improve the profitability of underperforming units, combined with significant Brownfield expansion, the company is poised to achieve over 15 per cent topline growth over the next three years, along with 200–300 bps margin expansion. With improved profitability, the company is also expected to generate ₹3,980 crore in free cash flow over the next three years. At the Wednesday market price of ₹672, the stock is trading at 26.2x on a 1Y forward EV/Ebitda basis, which the brokerage firm believes is likely to expand in the coming years due to improving fundamentals. 'We value the company on a SOTP basis to arrive at a target price (TP) of ₹810. Maintain BUY on the stock,' the brokerage firm said in the Q4 result update. Elara Capital - Strong growth continued in the hospitals segment. The management has guided for continued growth and a further 150- 200 bps margin expansion in FY26. Performance has started picking up in the diagnostics business as well – the management guided for double-digit growth in FY26, with margin recovering to ~23 per cent levels. 'We raise FY26E and FY27E core EPS estimates by 15-17 per cent, on strong guidance in both the business segments. So, we raise our TP to ₹749 from ₹686 – Retain Accumulate,' the brokerage firm said. About Fortis Healthcare Fortis Healthcare is a leading integrated healthcare delivery service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care speciality facilities. Currently, the company operates 27 healthcare facilities (including JVs and O&M facilities). The Company's network comprises approximately 4,750 operational beds (including O&M beds) and 404 diagnostics labs.
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Business Standard
21-05-2025
- Business
- Business Standard
IHH's move to seek increased damages may not affect Fortis expansion plans
Fortis Healthcare is unlikely to be affected by Malaysian health care giant IHH's move to seek around ₹11,800 crore in damages from Daiichi Sankyo for allegedly blocking its bid for the Delhi-based entity, according to analysts and experts. Keyur D Gandhi, managing partner at Gandhi Law Associates, said the damages claimed in a Japanese court were primarily about causing harm to reputation and a loss of opportunity, and, therefore, the impact on Fortis Healthcare's Indian operations was likely to be indirect rather than operational. 'If IHH succeeds in proving that Daiichi's objections were frivolous or malicious, it could strengthen its equity and moral argument in Indian courts. It could become part of the evidentiary narrative but won't be determinative. Indian courts will still apply domestic law and public interest scrutiny independently,' he added. On Tuesday, NTK, an indirect subsidiary of IHH, said it had filed an application with the Tokyo District Court to amend its claim for damages against Daiichi Sankyo, raising the amount sought by 10 times from the previous ₹1,180 crore to around ₹11,800. An analyst who tracks the company said IHH's move would not affect Fortis' expansion plans, and this was to put pressure on Daiichi to pull back. 'Due to Daiichi seeking damages in India, IHH has not been able to go ahead with their open offer, which was supposed to be at ₹170 per share initially. Its money is still lying in an escrow amount and interest-free,' said Aashita Jain, assistant vice-president, Nuvama. Pending litigation has not derailed Fortis' expansion plans because the chain has become more aggressive since last year, with the acquisition of facilities in Haryana and Punjab, she said. Fortis Healthcare did not respond to queries emailed by Business Standard till the time of going to print. On whether a judgement from the Japanese court could affect litigation in India, Gandhi said Indian courts were not bound by any such court's orders, especially in disputes involving domestic legal and regulatory considerations like approval by the Securities and Exchange Board of India (Sebi) or processes concerning the Foreign Investment Promotion Board or National Company Law Tribunal. IHH had acquired a 31 per cent stake in Fortis Healthcare through NTK in 2018. Under Indian law, this triggered a mandatory open offer for Fortis' public shareholders. Daiichi Sankyo obstructed this in December that year, when it obtained an ex parte interim status quo order from the Supreme Court. Daiichi Sankyo had been in a separate dispute with the Singh brothers (Malvinder and Shivinder), the former promoters of Ranbaxy Laboratories and Fortis. The position of IHH and NTK has been that they have no connection with the Singh brothers. In September 2022, the Supreme Court lifted the interim status quo order. However, NTK alleged Daiichi Sankyo threatened regulatory action to prevent the open offer from proceeding. Ayush Agarwala, partner, Bombay Law Chambers, said while Indian courts were not bound by orders and judgements of foreign courts, they could use their judgment or observation to decide on proceedings in India. Meanwhile, on Fortis' recent acquisition of the 'Fortis' trademark, analysts say the hospital chain will save on royalties and that will have a positive impact on earning before interest, tax, depreciation, and amortisation. 'According to the earlier agreement, we used to pay 0.25 per cent of revenue plus the applicable goods and services tax (GST) as royalties. With the acquisition of the brand, we expect a positive 0.3 per cent effect on the net revenue,' said Vivek Goyal, chief financial officer, Fortis Healthcare, in an analyst call on Wednesday.
