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Fortis Healthcare gets boost from new Gleneagles deal
Fortis Healthcare's stock got a nice boost on Wednesday after the company signed a fresh operations and maintenance deal with Gleneagles Healthcare India (GHIPL), part of its parent group IHH.
The agreement covers five hospitals and one clinic, setting Fortis up for more revenue and a wider presence in India.
What's in the deal?
Fortis will now earn 3% of the net revenue from these GHIPL facilities every month, plus have its extra costs covered.
There's also a separate license for using the Fortis brand—making sure everything's above board and transparent.
Fortis shares gain
The news pushed Fortis shares up to ₹817.9 midday, a 1.09% rise today and an impressive 15.3% gain so far this year—showing investors are feeling good about where Fortis is headed.