India's Max Financial rises on likely gains from fund infusion into Max Life

Max Financial Services

28/02/2024 05:46

** Shares of Max Financial Services  MAXI.NS  rise 3.5% to
967.95 rupees
    ** Jefferies says Max Life Insurance, 81%-owned by MAXI,
will benefit from Axis Bank  AXBK.NS  fund infusion
    ** On Feb. 6, India's insurance regulator approved capital
infusion of 16.12 bln rupees (~ $194 mln) by Axis Bank into Max
Life 
    ** Since then, MAXI's shares have gained ~6%, with five
analysts upgrading stock - LSEG data
    ** Jefferies expects Max Life to deliver high-teens growth
in premiums over next 2-3 years, says valuations are attractive
compared to peers    
    ** Reiterates "buy" with PT 1,200 rupees for MAXI, 30%
upside to last close
    ** Mean rating of 15 analysts tracking MAXI equivalent to
"buy"; median PT 1,127.50 rupees, 16.5% above current price -
LSEG 

($1 = 82.9130 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))