India's Max Financial hits record high after Citi starts with "buy"

Max Financial Services

17/06/2025 06:39

** Shares of life insurer Max Financial Services MAXI.NS rise 1.1% to a record high of 1,594.6 rupees apiece

** MAXI on course for third straight session of gains, rising about 5% in the period

** Citi initiates coverage of MAXI at "buy" and sets a target price of 1840 rupees, implying an upside of 21% at Monday's close

** Balanced product mix, diversified distribution channels, execution, and growth stability at Axis Bank augur well for MAXI's earnings, says Citi

** MAXI shares rose 3.34% on Monday, after another global brokerage Jefferies raises target price

** Axis-Max Life is a joint venture between MAXI and Axis Bank AXBK.NS

** MAXI shares up 42% in 2025 so far, outperforming the 3% rise in Nifty midcap 100 index .NIFMDCP100, exchange data shows

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))