India's Max Financial rises after Jefferies raises target, backs JV with Axis

Max Financial Services

16/06/2025 09:35

** Life insurer Max Financial MAXI.NS shares rise 2.75% to 1,568 rupees/shr

** Jefferies hikes PT to 1,830 rupees from 1,700 rupees, implying 20% potential upside over last close; maintains "buy"

** Jefferies PT is second highest among 19 brokerages tracking MAXI with an average "buy" rating, data compiled by LSEG

** Jefferies says Insurance Act eases concerns over bancassurance norms, benefitting MAXI

** Bancassurance is a partnership between a bank and an insurance company where the bank sells insurance products

** Axis-Max Life, a MAXI and Axis Bank AXBK.NS JV, offers better risk-reward compared to peers - brokerage

** Finds MAXI valuation attractive

** MAXI up 37% YTD, outperforming the 2.5% rise in midcap 100 index .NIFMDCP100

** AXBK up 0.6%

 (Reporting by Bharath Rajeswaran in Bengaluru)

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