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Market Live: Nifty below 10,600, rupee hits 13-month low

Market Live: Nifty below 10,600, rupee hits 13-month low

Manipal Health Enterprises has again raised its offer for Fortis Healthcare by valuing its hospital business higher at Rs 6,322 crore, ahead of the Fortis Healthcare board meet tomorrow to evaluate all binding offers.

The new offer from Manipal Health Enterprises (MHEPL) also proposes to arrange financial assistance of up to Rs 750 crore ..by way of debt financing or guarantees to lenders of FHL.
This is the second time Manipal/TPG-led consortium has revised its offer for Fortis Healthcare (FHL).
The rupee opened lower at 66.48 from yesterday's closing level at 66.38 per dollar at the interbank foreign exchange here.
Continued FII-selling of local equity and debt, and weak stock market also weighed on the rupee.
Rising crude is putting pressure on rupee already stressed by widening fiscal deficit, a dealer said.
Banking & financials, oil, metals and infrastructure stocks are under pressure.
IT is the only major gainer among sectoral indices, rising over a percent ahead of Wipro earnings due later in the day and after sharp depreciation in the rupee
Bharti Airtel is up more than 4 percent after reporting profit in the March quarter against expectations of loss.
The 30-share BSE Sensex is down 84.76 points at 34,531.88 and the 50-share NSE Nifty declined 31 points to 10,583.40.

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