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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A total subsidy of Rs 56,993 crore is given every year by the Indian Railways to all categories of passengers, with a 46 per cent rebate on every ticket, Railway Minister Ashwini Vaishnaw said on Wednesday.
Replying to multiple questions in the Lok Sabha on restoring discounts given to various categories of train passengers, he said if the price of a ticket is Rs 100, then the railways charges just Rs 54 for it -- a discount of 46 per cent.
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Punjab Chief Minister Bhagwant Mann strongly condemned the attack on Shiromani Akali Dal leader Sukhbir Singh Badal, who was fired at while performing 'sewa' outside the Golden Temple on Wednesday morning, and directed police to investigate the incident.
The chief minister also lauded the promptness of the Punjab Police in nabbing the attacker.
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Former Delhi Chief Minister Arvind Kejriwal on Wednesday launched a scathing attack on the BJP-led central government after three members of a family were found dead at their home in the national capital.
Describing the incident as "extremely painful and frightening," the AAP convener accused the Centre of allowing criminals a free hand and failing to ensure law and order in the capital.
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BJP leader Devendra Fadnavis is all set to return as Maharashtra’s chief minister for a historic third term, following a critical consensus reached during the BJP core committee meeting on Wednesday. The decision, which ended days of suspense, cements Fadnavis’s leadership at the helm of Maharashtra’s new government.
The proposal for Fadnavis's appointment was made by former Gujarat Chief Minister Vijay Rupani, who was appointed as the party’s observer for the Maharashtra legislature meeting.
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Leaders of several INDIA bloc parties protested on the Parliament premises on Wednesday over the Adani indictment issue and called for a joint parliamentary probe into the matter.
MPs of the Congress, AAP, RJD, Shiv Sena (UBT), DMK and the Left parties, among others, raised slogans in favour of their demand and held a banner reading "Modi-Adani are one" at Parliament's Makar Dwar. The TMC kept away from the opposition protest.
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