Max Financial hit a new 52-week high; stock soars 12%

The media statement further added that the proposed deal is aimed at building a strategic and long-term relationship with Axis Bank, which will contribute more than 54% to Max Life’s revenue.

Feb 20, 2020 05:02 IST India Infoline News Service

Financial symbols coming from hand
Shares of Max Financial Services hit a new 52-week high on the BSE in the morning trade amid media reports mentioning that Axis Bank is set to acquire more than 20% in Max Life Insurance through fresh issue of equity.

The stock is currently trading at Rs573.65, up by Rs57.2 or 11.08% from its previous closing of Rs516.45 on the BSE.

The media statement further added that the proposed deal is aimed at building a strategic and long-term relationship with Axis Bank, which will contribute more than 54% to Max Life’s revenue.

Meanwhile, the company’s consolidated revenue of Rs5,366cr, grew by 19% over the previous year and Profit after Tax for Q3FY20 grew at a robust 168% to Rs105cr over the previous year.

Axis Bank Ltd is currently trading at Rs746.90, up by Rs5.7 or 0.77% from its previous closing of Rs741.20 on the BSE.

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