India's Max Financial Services rises as Investec re-iterates "buy"

Max Financial Services

28/11/2023 08:04

** Shares of Max Financial Services  MAXI.NS  are up 3.9% at
1006.85 rupees, hitting their level since Jan, 2022
    ** Investec re-iterates Max Finanical as top pick in
insurance sector after Axis Bank's  AXBK.NS  interest to drive
growth in MAXI's insurance unit Max Life
    ** Axis Bank will look to increase its stake to 20% in Max
Life, analysts at Investec said after attending AXBK's analyst
meet 
    ** In Aug, Axis Bank had said it would raise its stake in
Max Life to 16.2% from 9.99% 
    ** Investec says, Max Life trades at substantial discount to
peers, despite reporting consistent performance over past 10
years
    ** MAXI on track for best day since Aug. 10 
    ** YTD stock up ~48.4%, outperforming peers; HDFC Life
Insurance Co HDFL.NS  up ~19%, SBI Life Insurance Co  SBIL.NS 
~13.4%, ICICI Prudential Life Insurance  ICIR.NS  up ~22.5% 

 (Reporitng by Nishit Navin in Bengaluru)
 ((nishit.navin@thomsonreuters.com;))