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The Mint Report for 26 July 2010

The Mint Report for 26 July 2010
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First Published: Mon, Jul 26 2010. 10 33 PM IST
Updated: Mon, Jul 26 2010. 10 33 PM IST
The battle for Parkway is over and Malaysia’s Khazanah is the winner. On Monday, India’s Fortis quit the race to control the Singapore-based hospital chain. That clears the way for Khazanah to acquire Parkway. Fortis decided to get out of the bidding war after Khazanah made an offer of S$3.95 per share. Earlier Fortis had offered to buy every Parkway share at S$3.80. Instead, the company will now sell its 25% stake in Parkway for a profit of about S$116 million. Fortis chairman Malvinder Singh said the deal considered the interests of all of the company’s stakeholders.
Stocks of Fortis Healthcare shot up after news it was getting out of the bidding war. On the BSE its shares closed nearly 3% higher at Rs156.30.
The RBI calling for further tightening of monetary policy on Monday, a day before it meets to decide on a rate hike. Releasing its quarterly macroeconomic review, the RBI said the move was necessary contain inflation and inflationary pressures. The central bank has already increased rates three times since March. And it’s expected to make another 25 basis point hike in the repo and reverse repo rates on Tuesday.
Maruti Suzuki’s first quarter performance, first reported on Saturday, sent the company’s stocks diving on Monday. Its shares went down 12.31% on the BSE on, closing at Rs1,191.05. Maruti’s quarterly numbers showed a 20% fall in net profit and a large rise in royalty payments to parent company Suzuki.
Markets ended a three-day winning streak on Monday partly because of the bad news from Maruti. The Sensex plummeted 111 points to finish at 18,020. And the Nifty fell 30 to end at 5,419.
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First Published: Mon, Jul 26 2010. 10 33 PM IST
More Topics: The Mint Report | Fortis | Parkway | RBI | Maruti |