Sharekhan is bullish on Max Financial Services has recommended buy rating on the stock with a target price of Rs 590 in its research report dated December 27, 2019.
Max Financial's life insurance business continued to do well with overall annual premium equivalent (APE) growth was 22 percent YoY.
Max Financial Services will also raise its holding in Max Life Insurance to over 97 percent from the current 71.79 percent through a share swap agreement with Mitsui Sumitomo Insurance
The clarification came in response to media reports that Axis Bank may have to shell out more money to increase its stake in Max Life.
Sharekhan recommended Hold rating on Max Financial Services with a target price of Rs 480 in its research report dated May 29, 2019.
The company's consolidated revenue, which has a majority stake in Max Life Insurance, grew 17 per cent to Rs 17,538 crore as compared to the year-ago period, it said.
Total income during the latest quarter rose to Rs 176.57 crore as against Rs 131.43 crore in the same period of the preceding fiscal, the company said in a regulatory filing.
Sharekhan recommended hold rating on Max Financial Services with a target price of Rs 470 in its research report dated December 27, 2018.
According to market sources, New York Life acquired 49,99,130 shares of MFS from Max Ventures Investment Holdings, a promoter group holding company, at Rs 429.50 per share in a bulk deal on Thursday.
A break below 10440 levels could take the index towards the next support which is seen at 10250-10200 levels. The immediate level on the upside is seen at 10560-10600 and above that at 10750 levels.
Prabhudas Lilladher is bullish on Max Financial Services has recommended buy rating on the stock with a target price of Rs 629 in its research report dated November 14, 2018.
Prabhudas Lilladher is bullish on Max Financial Services has recommended buy rating on the stock with a target price of Rs 700 in its research report dated July 20, 2018.
Total income was up at Rs 129.13 crore for the first quarter of 2018-19 from Rs 94.10 crore in year earlier period.
MFS has acquired 0.74 per cent additional stake in its subsidiary, Max Life Insurance Company Ltd (Max Life), comprising 14,170,817 equity shares from Axis Bank, for a consideration of approximately Rs 153.33 crore.
The board considered raising of funds by way of debt for the purpose of making investments in its subsidiary Max Life Insurance Company Ltd (Max Life) to enable it to drive growth through acquisition opportunities, Max Financial Services said in a regulatory filing.
The company also said that Max Life's AUM has crossed the Rs 50,000 crore mark for the first time.
The annualised growth in EV in the first half of FY2018 (H1 FY2018) was 17 percent. The Value of New Business (VNB) written during H1 FY2018 was Rs 204 crore, growing 16 percent over the corresponding period last year.
Max Life is the fourth largest private life insurer in the country with a market share of 7.9 percent and Birla Sun Life has a market share of 7.1 percent.
Sandeep Wagle of powermywealth.com is of the view that one can buy Granules India and Max Financial Services.
The RSI at 62 indicates a favorable buying regime coupled with continued uptrend momentum depicted by MACD at 52 above its Signal Line. Based on Fibonacci retracement a major support will be seen at 9807 and resistance level will be at 10137.
Ashwani Gujral of ashwanigujral.com is of the view that problem in Infosys could linger on and advises buying RBL Bank, Hindustan Petroleum Corporation and Chennai Petroleum Corporation.
Mitessh Thakkar of miteshthacker.com suggests buying Indiabulls Housing and Max Financial Services.