Fortis Healthcare Share Price Hits Record High As It Is Set To Manage Gleneagles Hospitals

Fortis Healthcare hit a new high in Tuesday's session as it is set to manage Gleneagles Hospitals across India as a part of the collaboration with its parent. IHH Healthcare Berhad signed an operation and maintenance services agreement with Fortis Healthcare on Wednesday.

As per the agreement, Fortis Healthcare will operate and maintain five out of six hospitals of Gleneagles. It is an important step for IHH Healthcare Berhad to strengthen its business in India, Fortis Healthcare said in the exchange filing.

Fortis Healthcare's collaboration with the Malaysia-based healthcare provider will bring complementary capabilities under a shared commitment to deliver high-quality and patient-centric care. It will also unlock operational and financial synergies across both networks, according to the exchange filing.

The Fortis Healthcare share price rose 1.97% to a record high of 839.90 apiece. It was trading 0.89% higher at Rs 831 apiece as of 9:44 a.m., as compared to a 0.13% decline in the NSE Nifty 50 index.

The stock rose 72.03% in 12 months and 15.62% on a year-to-date basis. Total traded volume so far in the day stood at 3.8 times its 30-day average. The relative strength index was at 66.86.

Out of 15 analysts tracking the company, 14 maintain a 'buy' rating, and one suggests to 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 2.4%.