Max Financial Shares Hit 18-Month High After Equity Changes Hands

Shares of Max Financial Services Ltd. rose to an 18-month high, after 3.6% equity changed hands in two large trades on Thursday, according to Bloomberg data. The buyers and sellers were not known immediately.

Shares of the company rose as much as 6.52%, before paring gains to trade 5.28% higher at 10:41 a.m. This compares to a 0.42% advance in the NSE Nifty 50.

The stock rose the most since Feb. 2, 2022. It has risen 37% on a year-to-date basis. The total traded volume stood at 38 times its 30-day average. The relative strength index was at 73, indicating stocks may be overbought.

Of the 15 analysts tracking the company, 14 maintain a 'buy' rating and one recommends a 'hold' on the stock, as per Bloomberg data. The average 12-month consensus price target implies a potential upside of 15.4%.