Fortis Healthcare to buy Quality HealthCare Asia for Rs882 crore

Fortis Healthcare Ltd said it plans to buy healthcare business of Hong Kong-based Quality HealthCare Asia for about Rs882 crore.

Quality Healthcare Asia has a network of more than 580 Western and Chinese medical centres, and 47 dental and physiotherapy centres. It also has seven elderly care homes and an international nursing agency.

According to an agreement, Fortis Global Healthcare, the overseas investment arm of Fortis Healthcare, will acquire five subsidiaries of Quality Healthcare Asia except its elderly healthcare businesses for HK$1.5 billion in cash. Fortis Global Healthcare will also give HK$20 million in base working capital.

The acquisition includes a network of 60 wholly-owned medical centres, 520 affiliated clinics, 47 dental and physiotherapy centres, and a private-nursing agency with more than 3,000 nurses.

On Tuesday, Fortis Healthcare shares ended 1.6% down at Rs170 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% down at 20,203 points.

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Exide Industries Q2 net profit Rs212.9 crore vs Rs149.7 crore

Battery maker Exide Industries Ltd registered a net profit of Rs212.9 crore for the quarter ended 30 September 2010 compared to Rs149.7 crore for the same quarter last year.

During the September 2010 quarter, its total revenues increased to Rs1,146.3 crore from Rs951.8 crore, the company said in a statement.

On Tuesday, Exide Industries shares fell 3.4% to Rs172 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% down at 20,203 points.
 

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IndusInd Bank Q2 net profit up 71% to Rs133 crore

IndusInd Bank Ltd said its net profit jumped 71% to Rs133.2 crore for the quarter ended 30 September 2010 compared to Rs77.8 crore in the corresponding period last year.

The net interest revenues of the Bank for the second quarter rose 58% to Rs329.7 crore from Rs208.6 crore while its operating profit grew 69% to Rs261.7 crore from Rs155.3 crore in the year ago period.

IndusInd Bank said its gross non-performing assets (NPA) declined to 1.2% from 1.5% while net NPA has diminished to 0.4% from 1%. The current and saving accounts (CASA) ratio has also improved to 25.4% from the 21.2% during the same period, the lender said in a regulatory filing.

On Tuesday, IndusInd Bank shares fell 1.6% to Rs270 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% down at 20,203 points.

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