India's Max Financial up on earnings boost, Axis Bank stake addition in unit

Max Financial Services

10/08/2023 09:25

** Shares of Max Financial Services  MAXI.NS  surge 12.3%,
biggest pct gain since Aug. 25, 2020
    ** Co on Wednesday reported 55.6% surge in June-quarter net
profit
    ** Co says that it expects to clock double-digit growth rate
in fiscal 2024
    ** Separately, Axis Bank said on Wednesday it will raise its
stake in insurer Max Life to 16.2% from 9.99% through a
preferential allotment of shares
    ** Max Financial will hold about 80.98% in Max Life after
the stake add
    ** More than 9.5 mln shares of MAXI change hands by 1:40
p.m. IST, highest since Dec. 21, 2022
    ** Stock up ~29% YTD



($1 = 82.8175 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))