Max India gains 5% on buzz of Japanese firm eyes stake in JV

Max India has rallied 5% at Rs 197 in opening deals, extending its previous day’s 4% gain, on reports that Japan's MS&AD is close to buying a 26% stake in a joint venture (JV) between New York Life and Max India for about $540 million (approx. Rs 2,775 crore).

“MS&AD Insurance Group, Japan's largest property-casualty insurer by revenue, is among the industry's most aggressive in expanding in Asia through acquisitions, buying both life and non-life assets to secure growth beyond weak home market," reports suggest.

A combined around 150,000 shares have changed hands in opening deals on both the exchanges.