Max India soared 7.19% to Rs 166.25 at 10:47 IST on BSE after posting 257.2% surge in net profit to Rs 13.61 crore in Q1 June 2008 over Q1 June 2007.
The company announced the results after trading hours on Friday, 18 July 2008.
Meanwhile, the BSE Sensex was up 138.27 points, or 1.01%, to 13,773.67 on strong cues from Asian equities. Asian stocks rose sharply on Monday, 21 July 2008, as concerns about the global impact of a weak US financial sector eased after Citigroup, the largest US bank on Friday, 18 July 2008, reported a second-quarter loss of $2.5 billion, which was smaller than expected.
On BSE, 26,202 shares were traded in the counter. The scrip had an average daily volume of 95,273 shares in the past one quarter.
The stock hit a high of Rs 171 and a low of Rs 160 so far during the day. The stock had a 52-week high of Rs 290 on 5 November 2007 and a 52-week low of Rs 120.35 on 18 March 2008.
The mid-cap company had underperformed the market over the past one month till 18 July 2008, declining 13.52% compared to the Sensex’s decline of 9.63%. It had outperformed the market in the past one quarter, declining 5.94% compared to Sensex’s decline of 17.27%.
The company has an equity capital of Rs 44.40 crore. Face value per share is Rs 2.
The current price of Rs 166.25 discounts its Q1 June 2008 annualised EPS of Rs 2.45, by a PE multiple of 67.86.
The company’s net sales rose 89.6% to Rs 91.52 crore in Q1 June 2008 over Q1 June 2007.
Meanwhile, in a major development the company has raised its economic interest in its life insurance joint venture company, Max New York Life (MNYL), from 50% to 74%. MNYL is a joint venture between Max India and US-based New York Life
On 11 July 2008, Max India's board approved a joint venture (JV) arrangement with UK's BUPA Finance Plc for setting up a health insurance company in India. The company will own 50% equity participation in the JV.
Max India is a multi-business corporate, focused on people and service-oriented businesses of healthcare (Max Healthcare), life insurance (Max New York Life Insurance), and clinical research (Neeman Medical International). Max India’s other businesses are specialty plastic products for the packaging industry (Max Speciality Products) and healthcare staffing (Max HealthStaff).