Max Fin gains 4% after huge block deal

Around 3.6 percent stake, or 11.3 million shares, of the company changed hands in two bunches

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Shares of Max Financial Services Ltd opened around 4 percent higher in pre-opening on August 24 after a huge block deal. Around 3.6 percent stake, or 11.3 million shares, of the company changed hands in two bunches, according to Bloomberg. However, details of the buyers and sellers were not known.

At 9.15am, the stock was trading at Rs 917 on BSE, up 4.1 percent from its previous close. India’s benchmark Sensex rose 0.42 percent to 65707 points.

Surging by over 48 percent in the past five months, the stock has stood out as a leading performer within the insurance sector. Its revaluation owes much to its inclusion in the MSCI India Standard Index this June. Nuvama’s assessment points towards an anticipated inflow of $312 million and the incorporation of 47 million shares due to Max Healthcare’s inclusion in the MSCI Global Standard Index. Notably, Max Healthcare will hold a weight of 0.52 within the index.

According to Moneycontrol’s Short Call note, the June quarter figures of the company were satisfactory, yet not impressive enough to prompt analysts into rapidly revising their earnings forecasts. A prevailing sentiment suggests that the stock could be adequately valued at the moment. Further substantiating this, F&O data highlights a rise in short positions, with open interest spiking almost 50 percent in a single session, reaching its peak for the year.