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Fortis Healthcare stock ends 3% higher as CRISIL upgrades debt rating

Shares of Fortis Healthcare ended nearly 3 per cent higher today after rating agency CRISIL upgraded long-term rating of the private hospitals’ chain to ‘AA-, from ‘A+’ .

Fortis Healthcare stock opened with a gain of 2.03 per cent at Rs 246.20 against the previous close of Rs 241.30 on BSE. The stock touched an intraday high of Rs 248.2, rising 2.86 per cent on BSE. It closed at the same level on BSE. Fortis Healthcare shares stand lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock has risen 56.64 per cent in one year but lost 16.5 per cent since the beginning of this year. Total 0.59 lakh shares of the firm changed hands amounting to a turnover of Rs 1.45 crore. Market cap of the firm rose to Rs 18,738 crore on BSE. The share hit its 52-week high of Rs 313.80 on January 1, 2022 and a 52-week low of Rs 157 on February 26, 2021.

Additionally, the short-term rating was upgraded to A1+, from ‘A1’ and was placed the rating on watch with developing implications. Both short and long-term ratings were upgraded with respect to total bank loan facilities of Rs 110.8 crore.

In the third quarter of the current fiscal, Fortis Healthcare’s consolidated profit after tax (PAT) rose by over two-fold to Rs 142 crore against net profit of Rs 54 crore in the corresponding period last fiscal. Revenue during October-December 2021 climbed to Rs 1,466.7 crore against Rs 1,177 crore in the year-ago period. Business Today

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