Apollo Hospitals hits 34-month low
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Apollo Hospitals Enterprise has slipped 7% to Rs 1,069, its lowest level since October 23, 2014 on BSE, in an otherwise firm market.
The National Pharmaceutical Pricing Authority (NPPA) on Wednesday fixed the price for primary knee replacement of titanium alloy at Rs 38,740 while the price for revision knee replacement of any material was pegged at Rs 62,770.
"It is noticed that orthopedic knee implants are having unjustified, unreasonable and irrational high trade margins leading to their exorbitant prices, which affects the out-of-pocket expenses of patients and lakhs of patients are not able to pay for arthoplasty procedures due to exorbitant prices," said the NPPA notification.
Meanwhile, in past three trading sessions, the stock of healthcare services company tanked 12% after the company’s net profit more-than-halved in June 2017 quarter (Q1FY18).
The standalone net profit of the company declined 51% year-on-year (YoY) to Rs 35 crore from Rs 72 crore in the corresponding quarter of previous fiscal. Income from operations grew 15% to Rs 1,684 crore from Rs 1,465 crore in year ago quarter.
“Earnings before interest, taxation, depreciation and amortisation (EBITDA) declined 7% YoY to Rs 165 crore, affected by regulations on stent pricing, loss from its newly operational Mumbai hospital, higher doctor guaranteed fees and one-time settlement charges,” analyst at Elara Capital said in quarterly update.
The company says price rationalization will take at least 3-4 quarters to recover from the impact of regulations on stent pricing, added report.
At 02:46 pm; the stock was down 7% at Rs 1,076 on BSE, as compared to 0.31% rise in the S&P BSE Sensex. The trading volumes on the counter jumped nearly four-fold with a combined 1.28 million shares changed hands on BSE and NSE so far.
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Fintech firm BharatPe on Tuesday said it has elevated its interim CEO and chief financial officer Nalin Negi as full-time chief executive officer.
Negi was given charge of interim CEO in January 2023 after then CEO Suhail Sameer stepped down from the post.
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Two individuals have been arrested by the Mumbai Crime Branch late on Monday night for allegedly firing shots outside the residence of Bollywood actor Salman Khan in Bandra West on April 14, several media outlets reported.
"Both individuals, who fled Mumbai following the shooting, were apprehended in Bhuj, Gujarat," stated officials, as per news agency ANI. The Mumbai police confirmed that the detained individuals, identified as Vicky Gupta and Sagar Pal from Champaran, Bihar, will be transported to Mumbai for further interrogation.
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Tata Consultancy Services has topped the LinkedIn's latest list of top companies to work for in India, followed by Accenture and Cognizant in the second and third place respectively.
Professional networking platform LinkedIn on Tuesday released the 2024 Top Companies list for India wherein IT companies bagged the top three ranks, while financial services firms dominated the list with 9 out of 25 companies from this sector.
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Shares of Vodafone Idea dropped as much as 3.95 per cent to hit an intraday low of Rs 12.64 per share. The drop comes in reaction to the follow-on public offering (FPO) anchor book, which will open today.
Vodafone Idea shares have plunged 25.19 per cent year-to-date (YTD), but have surged 7 per cent in the past 6 months.
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Srinivas Pallia, who has been a part of Wipro for over three decades, divested all his shares valued at Rs 5 crore in the company approximately a month and a half prior to his appointment as the new chief executive, according to a report by The Economic Times (ET).
Pallia sold his 100,000 Wipro shares through a 'market sale' on February 14 this year, with the transaction being reported to the exchange on February 15. The total transaction amounted to Rs 5.05 crore, the report added. Following the transaction, Pallia's holdings of securities on the BSE were reduced to zero.
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