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Fortis Healthcare upgraded after Bengaluru hospital acquisition
JM Financial upgraded Fortis Healthcare after its ₹840 crore Bengaluru hospital acquisition, citing strong potential for revenue scaling and profitability improvement.
Shares of moved higher on December 22 after JM Financial upgraded the stock following the company’s ₹840 crore acquisition of People Tree Hospital in Bengaluru. Fortis will acquire the 125 bed facility through a 100 percent purchase of TMI Healthcare, along with the hospital building and land via its subsidiary International Hospital Ltd. Analysts see significant scope to scale revenues beyond the hospital’s current ₹74 crore annual turnover and improve long-term profitability.