After completion of its mandatory tender offer in Fortis Healthcare and Fortis Malar Hospitals, Malaysian health care giant IHH Healthcare is aiming to add 2,000 beds in a bid to double down on value creation in India. IHH, which is Asia's largest multinational private healthcare provider, currently has over 5,000 beds across a combined network of 35 hospitals and 11 states.
Buoyant domestic sales are expected to lift revenues for pharma companies by 8-11 per cent in Q3FY26, even as declining generic Revlimid (cancer drug) sales in the US remain a key drag. Most brokerages forecast a modest 2-4 per cent growth in profit after tax (PAT) for the quarter. Hospitals and diagnostics companies, meanwhile, are likely to post much stronger numbers, with revenues seen growing 20-22 per cent year-on-year (Y-o-Y).
Global index provider MSCI has announced the addition of four Indian companies-including Fortis Healthcare and Paytm - to its Global Standard indices. According to Nuvama Alternative & Quantitative Research, each of these companies is expected to see passive inflows exceeding $400 million. Shares of Paytm rose 4.3 per cent on Thursday, while Fortis Healthcare dipped 1.1 per cent.
Open offers this calendar year, following attempts at acquisition and takeover, came in at more than two a week. There were 121 such open offers to acquire additional shares following a substantial acquisition or change of control, shows the data compiled by primedatabase.com.
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Unperturbed by the concerns raised by the investment community, the Singh brothers, promoters of the Fortis hospital chain, recently completed the integration of their domestic and international health care businesses.
With over 45 healthcare facilities and over 300 vibrant diagnostic centres, Fortis is India's second-largest hospital chain -- next only to Apollo, which has 64 hospitals with 10,000 beds. Therefore, any international or domestic hospital chain that buys Fortis will simply catapult to the numero uno position.
'Cancer incidence is projected to increase by 12.8 per cent by 2025 compared with 2020, necessitating more dedicated cancer treatment centres and specialised beds.'
The company will use the proceeds to fund its expansion plan and repay debt.
In its investor presentation, IHH said it wanted to develop Fortis into a market leader.
Analysts are expecting pharmaceutical companies to post sales growth of 10-11 per cent in the second quarter this financial year while the Ebitda (earnings before interest, tax, depreciation, and amortisation) margins are anticipated to improve by about 110 basis points. Ebitda improvement will be led by lower input costs because prices of active pharmaceutical ingredients (APIs) are 5-15 per cent lower year-on-year (Y-o-Y). Axis Capital said sales growth would be around 10 per cent, of which growth in the India market would be 11 per cent or so.
'Our priority remains brownfield expansion, and in the next few years, we plan to increase our capacity to around 6,000 beds.'
Fortis Healthcare on Thursday said it has inked a pact with the VPS Group to acquire Manesar-based Medeor Hospital for Rs 225 crore. The healthcare major said it has signed definitive agreements to acquire Medeor Hospital for an overall purchase consideration of Rs 225 crore. The hospital has a potential capacity of 350 beds and can be operationalised in a phased manner in around nine months, it added.
'Every hospital now tracks length of stay closely.' 'More efficiency is brought into the system now.'
Delhi-headquartered Fortis Healthcare is open to acquisition of hospitals with over 250-300 bed sizes as part of its strategy to grow at a faster clip. It may also opt for a neutral brand name soon. Neutral brand is a new brand, which is not owned by any of the stakeholders.
Rekha Jhunjhunwala's net worth has increased by more than 7 per cent, or Rs 2,865 crore, compared to less than 1 per cent rise in the BSE Sensex.
Larger hospitals are not worried about a spike in cases, as they are now accustomed to converting ICUs and general wards into negative pressure zones or isolation rooms. For smaller hospitals, the task is tedious.
Corporate India is starting to step up its capital expenditure plans amid government incentives and signs of rising demand, company executives and analysts have indicated. This coincides with the Reserve Bank of India (RBI) recently citing a double-digit growth in private capital expenditure. Healthy balance sheets of banks and corporates, along with increasing capacity utilisation and improving business sentiment, are contributing to a favourable environment for sustained growth in private sector investments, the RBI said in its policy last week.
Private hospital chains Fortis Healthcare and Apollo Hospitals have started administering Russian COVID-19 vaccine Sputnik V at two of their hospitals in Delhi-NCR, officials said.
Chandrashekhar is accused of cheating many people, including high-profile individuals such as former Fortis Healthcare promoter Shivinder Mohan Singh's wife Aditi Singh.
Fatehi was questioned at the Mandir Marg office of the EOW for hours on Friday.
Next year Medica and Manipal will merge, making the amalgamated entity the largest corporate hospital chain in the country, overtaking Apollo Hospitals Enterprises.
The actor was accompanied by Pinki Irani who allegedly introduced her to Chandrashekhar, a senior police officer said.
Hospitals to recover from sluggish Q3; diagnostics' growth rate at pre-Covid levels.
Apollo Hospitals and Fortis Healthcare are open to importing vaccines.
Fortis Healthcare has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses
An acute drug shortage in the US and stable pricing along with product launches are likely to boost revenues of India's pharmaceutical companies during the first quarter of this financial year, analysts said. Most brokerages estimate a top line growth of around 14-15 per cent, with earnings before interest, taxes, depreciation, and amortisation (Ebitda) growth of 24-30 per cent for Q1 of FY24. Hospitals are, however, likely to report lower occupancy rates, and diagnostics companies may witness an impact from delayed monsoon.
On Wednesday, Daiichi Sankyo's lawyers argued for a stay on stake sale by Fortis, which was opposed by counsels of the hospital chain and promoter entities.
The company said this was 'important' to reinforce the 'complete disassociation' from its erstwhile promoters -- Malvinder and Shivinder Singh.
'The impact of CEO transition is fairly even for stocks, with about half (53 per cent) of the events not producing any change in the relative performance of the stock.'
The previous board of Fortis Healthcare had links with Singh brothers and there was an investigation by law firm Luthra and Luthra into Rs 472 crore that was diverted into other companies.
Acquisition is expected to be completed by mid-December.
Serum Institute of India (SII) and Bharat Biotech have also stopped producing the Covishield and Covaxin vaccines respectively.
Analysts feel Fortis Healthcare share holders are at a disadvantage and deal valuations had been short of expectations
Delhi police spokesperson Suman Nalwa said that Irani, a resident of Mumbai, has joined the investigation at the economic offence wing office.
Bollywood actor Jacqueline Fernandez, being probed in a Rs 200 crore extortion case involving alleged conman Sukesh Chandrasekhar, on Wednesday withdrew her application filed before a Delhi court for suspending a lookout circular (LOC) issued against her and permit her to travel abroad.
The Enforcement Directorate (ED) on Thursday arrested former Fortis Healthcare promoter Shivinder Mohan Singh in a money laundering case related to the alleged misappropriation of funds at Religare Finvest. A team of ED officials went to Tihar Jail and placed Singh under arrest as per the provisions of the Prevention of Money Laundering Act.
Fortis Healthcare has already received binding offers from four entities - KKR-backed Radiant Life Care, IHH Healthcare, Manipal/TPG consortium, and Munjal and Burman family offices.
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