Max India zooms up 18 per cent
The stock of Max India saw a phenomenal uptrend during Friday's trading session. There is a buzz in the market that the company is planning an exit from its insurance business. At 14:26 hours, Max India was quoting Rs. 79.80 per share, up by Rs. 13.00 or 19.46 per cent.
Private equity firm True North Managers is keen on buying the entire 51 per cent stake held by the company's promoter Analjit Singh in the health insurance business Max Bupa, reported in a leading news daily. However, in a reply to the exchange's query for clarification on the said news report, the company said that there has been no development that warrants a disclosure on part of the company.
On Friday, the stock opened at Rs. 68.10 per share and hit a high of Rs. 80.15 per share in the post-lunch session. At 14:33 hours, the stock was at Rs. 80.05 per share, up by 19.84 per cent, very close to its upper circuit limit on Friday on BSE. The BSE Sensex was at 35,946.39, up marginally by 16.75 points or 0.05 per cent.