MARKET EYE-India's Fortis Healthcare surges on sale of Hong Kong unit
* Shares in India's Fortis Healthcare Ltd surge as
much as 6.6 percent after the company said it would divest its
stake in Quality Healthcare Medical Services in Hong Kong to
Bupa for $355 million by October end.
* "Fortis (Other OTC: FRTSF - news) has to get rid of certain things to bring its debt
burden down. This is a step in the same direction," said an
analyst tracking the sector at a domestic brokerage house.
* The company's debt/equity ratio stood at 1.4 times for 2013
compared with the median of 0.28 for the industry, Thomson
Reuters data shows.
* Fortis shares are up 4.5 percent compared with a 0.7 percent
rise in the NSE index. Earlier, they hit a high of 111.40
rupees.
(abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.thomsonreuters.com@reuters.net)