Shares of Max Financial Services added 1.5 percent intraday Thursday as the brokerage house Nomura has put a buy call with a target of Rs 680 per share.
Recently, the company has clarified on the media report about Axis forays into life insurance business. "This article is speculative in nature and factually incorrect. Neither the Max Financial Services board nor the board of its subsidiary Max Life have had any discussions about a merger with or acquisition by Axis Bank," said company.
According to the Nomura, the risk of losing the tie-up with Axis Bank would be very negative.
The company is a last in pecking order among covered stocks and company stake in the Max Life is values at 15 percent discount, said Nomura
At 11:02 hrs Max Financial Services was quoting at Rs 575.05, up Re 1, or 0.17 percent on the BSE.
The share touched its 52-week high Rs 683.20 and 52-week low Rs 513.00 on 16 May, 2017 and 09 March, 2017, respectively.
Currently, it is trading 15.83 percent below its 52-week high and 12.1 percent above its 52-week low.
Posted by Rakesh Patil
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