Asian stock markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 1.3% while the Hang Seng is up 0.2%. However, the Shanghai Composite is trading down by 0.5%. Overnight strong corporate earnings helped US stocks closed with gains.
Meanwhile, Indian share markets have opened the day marginally up. BSE-Sensex is trading higher by 42 points and NSE-Nifty is trading higher by 15 points. S&P BSE Mid Cap and S&P BSE Small Cap, both are trading up by 0.2%.
Gains are largely seen in FMCG stocks and healthcare stocks. While, consumer durables stocks and bank stocks have opened the day in red. The rupee is trading at Rs 65.61 against the US$.
In news from pharma sector, the race for Fortis Healthcare Limited has intensified with the company receiving an unsolicited non-binding expression of interest from Fosun Health Holdings Limited, a wholly-owned subsidiary of Fosun International Limited.
It is a company listed on the Hong Kong Stock Exchange.
The offer comes with a proposal of primary infusion at a price up to Rs 156 a share, subject to due diligence to be completed within three weeks, up to a total investment of US$350 million (including a preliminary investment of up to Rs 1 billion).
Interestingly enough, the Fosun offer comes just a couple of day before the board of Fortis meets to decide on the bids. The board is scheduled to convene on April 19.
Reportedly, Fosun had stated in its offer letter it could immediately provide Rs 1 billion to Fortis to take care of its immediate cash needs within the next 45 days, including the option of immediately subscribing to a debt instrument.
The race for Fortis took an interesting turn when Malaysia’s IHH Healthcare Berhad offered to buy the company at Rs 160 per share. Earlier last week, Fortis received a sweetened offer from Manipal Hospitals Enterprises Pvt. Ltd. and TPG at Rs 155 per share.This money could be infused provided Fortis agreed to extend a short one month of exclusivity to undertake due diligence and negotiate the deal, the reports noted.