>> Thursday, October 30, 2008
Max India promoter Analjit Singh has bought 36,500 shares in his diversified company, taking his holding up to 1.88 per cent. Liquid Investment, a promoter group company, also bought 70,000 shares, increasing its holding to 9.69 per cent. Max, originally in the specialty plastics business, is also into life insurance, healthcare and clinical research. The company recently concluded an agreement with New York Life, increasing its stake in their life insurance iv from 50 per cent to 71.4 per cent. Max New York Life Insurance is the first Indian insurer to have declared its enterprise value which was up 96 per cent to Rs 1,320 crore in FY08. This is attributed to a Rs 300 crore capital infusion, profit from new business (discounted value of future profits arising from new business written during the year) of Rs 267 crore, and minimal negative variances. The company is ramping up distribution, and it plans to open 250 offices annually and increase its agency force to 300,000 by FYi 2. The healthcare business is also performing well, having reported revenues of Rs 99.5 crore in the first quarter of FY09.
Key Negative - Q2 Net is down 31%.
Receive free SMS from us. Click here.
Receive free Email Updates from us. Click here.