Max India soars on good Q1 results

DALAL STREET SPIKES

Max India rose 9.77 per cent to Rs 170.25 after posting a 257.2 per cent year-on-year (YoY) jump in net profit to Rs 13.61 crore in Q1 FY09. The net sales for the quarter increased 89.6 per cent YoY to Rs 91.52 crore. The company announced the results after market hours on July 18 (Friday).

The stock gained further momentum on reports that the company has increased the ‘economic interest’ in its life insurance joint venture company, Max New York Life, from 50 per cent to 74 per cent. New York Life Insurance holds the remaining 26 per cent.