Max Financial hits 52-week high on Axis stake purchase; Q1 performance

10 Aug 2023 , 02:01 PM

Following the news of a Rs 1,612 crore money injection in the firm by promoter Axis Bank, shares of Max Financial Services jumped to a new 52-week high of Rs 886.55 in Thursday’s trade on NSE. Following the subscription of the equity shares, Axis Bank’s stake in Max Life will increase from 12.99% to 19.02%.

At around 1.47 PM, Max Financial was trading 10.80% higher at Rs 875, against the previous close of Rs 789.70 on NSE.

Presently, Axis Bank holds a 9.99% ownership in Max Financial Services. Meanwhile, Axis Capital and Axis Securities hold stakes of 2% and 1% in the same company, respectively.

Max Financial Services also released June quarter results, with the financial services company reporting a 47% year-on-year increase in net profit. The combined net profit for the period was Rs 101.13 crore, an increase of Rs 68.48 crore from the previous corresponding quarter.

Total income from operations was Rs 9,168.12 crore in the reporting quarter, compared to Rs 3,271.69 crore in the previous fiscal year’s similar quarter.

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