Fortis Health on high adrenalin

Fortis Healthcare hit a new 52-week high today at Rs.136 with volumes spiking up almost 4 times. It has come off the highs but continues to trade around Rs.133 levels, up almost 10%.

The stock has jumped up today after the company issued a Press statement, saying that one of its subsidiaries, Fortis Healthcare, Singapore has decided to divest its 100% stake in RadLink-Asia, its diagnostic business, for $137 million. The company has stated that the offer price is reflective of the value and efficiencies added by the Fortis group. The deal will be successfully closed following the necessary statutory and regulatory approvals as per local requirements.