Fortis Healthcare Has Resistance At Rs 155
Technical analyst MB Singh has maintained 'buy' rating on Fortis Healthcare Limited stock with a stop loss of Rs 130.
According to analyst, the investors can buy the stock on dips.
Mr. Singh said that Fortis Healthcare stock has resistance at Rs 155.
The stock of the company, on March 10, closed at Rs 151.35 on the Bombay Stock Exchange (BSE).
Current EPS & P/E ratio stood at 3.01 and 50.43 respectively.
The share price has seen a 52-week high of Rs 187.50 and a low of Rs 129 on BSE.
Fortis Healthcare announced that it has bagged nod from the concerned functionaries to alter its name to Fortis Healthcare (India).
"Subsequent to the application filed by the company with the Ministry of Corporate Affairs, the Registrar of Companies, NCT of Delhi & Haryana, has conferred its approval to the change of name of the Company from March 7, 2011," Fortis Healthcare said.
In a previous filing, Fortis Healthcare stated that it was seeking stockholders' sanction to alter its name to Fortis Healthcare (India) to adjust to its approach to concentrate on the domestic market.
Moreover, Fortis Healthcare is making plans to establish a Cardiac Centre at Deen Dayal Upadhyaya (Coronation) Hospital at Dehradun.
Fortis Healthcare has recorded an increase of 58.09% in its consolidated net profit, which stood at Rs 345 million for the three month period ended Dec 2010.
Company's total income stood at Rs 4,083.60 million for Oct-Dec 2010 as against Rs 2,411.80 million for the same period of last year.