India's Max Financial Services rises on regulator's nod of capital infusion

Max Financial Services

07/02/2024 04:24

** Shares of Max Financial Services  MAXI.NS  rise as much as
5.1% to 959.8 rupees in early trading; stock has since pared
gains, now up 2.2%
    ** Co said that Insurance Regulatory and Development
Authority has approved capital infusion of 16.12 bln
rupees($194.2 million) by Axis Bank 
    ** Separately, co also reported a near 34% fall in
consolidated net profit for the Dec qtr; total rev from ops rose
39%    
    ** Average rating of 15 analysts equivalent of "buy"; median
PT 1,092.5 rupees - LSEG data 
    ** More than 1.6 mln shares change hands by 9:45 a.m. IST,
1.9x the 30-day avg
    ** Shares of Axis Bank up 1.7% 



($1 = 83.0200 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))