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As On 28-Sep-2022 EOD, Market Closed
SENSEX
56,598.28
-509.24 (-0.89%)
NIFTY
16,858.60
-148.80 (-0.87%)
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  • Fortis Healthcare tanks after Supreme Court order

    Fortis Healthcare slumped 14.07% to Rs 267.40 after the Supreme Court ordered a forensic audit of the share sale in Fortis Healthcare in 2018 and refused to allow the open offer from Malaysia's IHH Healthcare to proceed.

    SC on Thursday (22 September) refused to lift the block on completion of the takeover of hospital chain Fortis Healthcare by Malaysian operator IHH Healthcare Bhd. "...Proc...SC on Thursday (22 September) refused to lift the block on completion of the takeover of hospital chain Fortis Healthcare by Malaysian operator IHH Healthcare Bhd. "...Proceedings before the Supreme Court have concluded with certain directions and the suo-motu contempt has been disposed-off. We are seeking legal advice to decide our future course of action," Fortis said in a statement to exchanges on Thursday. "We remain committed to our core purpose of patient care and will continue to focus on our strategic and operational objectives to further strengthen and expand our healthcare network," it added. Malaysian major IHH Healthcare acquired a 31% stake in Fortis Healthcare in 2018 for $1.1 billion through a bidding process. The acquisition triggered a mandatory open offer for IHH to acquire another 26% stake in Fortis.

    IHH's attempt to become Fortis' controlling shareholder was halted in 2018, when Japanese drugmaker Daiichi Sankyo Co. contested the deal as part of its efforts to recover $500 million from the former Ranbaxy Laboratories promoters Malvinder Singh and Shivinder Singh.

    Daiichi had moved SC to launch contempt proceedings against the Singh brothers for non-payment of $500 million arbitral award.

    The Singh duo sold Ranbaxy to Daiichi in 2008. However, Daiichi accused the Singh brothers of concealing information during the sale of Ranbaxy, and dragged them to an international court.

    The brothers ultimately lost the case and were ordered by a Singapore tribunal to pay $500 million to Daiichi in 2016. In March 2019, Daiichi had filed a contempt plea against the Singh brothers and financial services company Indiabulls alleging that they had pledged 1.7 million shares of Fortis Healthcare held by Fortis Healthcare Holding, despite the apex court forbidding it.

    SC on Thursday sentenced Malvinder Singh and Shivinder Singh to six months in jail for contempt of court.

    Fortis Healthcare is a leading integrated healthcare delivery service provider in India. On a consolidated basis, Fortis Healthcare reported 53.6 % fall in net profit to Rs 122.2 crore on 5.5% rise in revenue from operations to Rs 1,487.9 crore in Q1 FY23 over Q1 FY22.



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Flash News 28-Sep-2022
  •  ( 15:49) Benchmarks slide for 6th session, Sensex drops 509 pts, Nifty settles at 16,858.60  
  •  ( 15:08) JSW Steel corrects over 10% in six days  
  •  ( 14:35) Sensex slips 301 pts, Nifty below 16,950 mark, metal stocks lose shine  
  •  ( 13:31) Benchmarks trade with minor cuts; European mrkt opens lower  
  •  ( 12:56) Krsnaa Diagnostics to foray into retail healthcare services  
  •  ( 12:18) Adani Enterprises raises Rs 100-cr through issue of NCDs  
  •  ( 12:01) John Cockerill gets Rs 160-cr order from Jindal Steel Odisha  
  •  ( 11:34) Nifty above 16,950 mark, breadth positive  
  •  ( 11:34) L&T energy bags ‘significant' contract from Assam Govt  
  •  ( 10:56) PFI banned for 5 years in India  
  •  ( 10:49) Power Grid appoints G. Ravisankar as CFO  
  •  ( 10:48) Axis Bank enters into non-binding agreement with Go Digit Life for 9.94% stake  
  •  ( 10:37) MaxVIL subsidiary onboards New York Life as co-investor for Noida project  
  •  ( 10:33) Indices trim early losses, Sensex slides 207 pts, Nifty above 16,900 level  
  •  ( 10:18) GOCL Corp sells 12.25 acre Hyderabad land for Rs 125.11 cr  
  •  ( 09:50) Motherson Sumi Wiring board to mull bonus issue  
  •  ( 09:40) CreditAccess Grameen boards OKs allotting NCDs worth Rs 60 crore  
  •  ( 09:33) Indices slide in early trade, breadth weak  
  •  ( 09:26) Torrent Pharma acquires Curatio Healthcare for 2000 cr  
  •  ( 09:18) LIC buys over 2% stake in state-owned BPCL  
  •  ( 08:33) Asian stocks trading lower  
  •  ( 08:19) IFCI board OKs upto Rs 100-cr preferential issue to Govt  
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28 September 2022 00:00
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1651.05
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761.40
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4267.20
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2243.95
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922.80
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1388.25
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2698.95
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849.20
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1141.45
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1394.45
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324.90
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1791.65
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1833.10
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158.25
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207.80
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2332.10
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525.30
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95.25
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3037.35
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